Stocks were mixed on Wednesday after the S&P 500 broke records in Tuesday’s session.
Investors are looking at the ADP National Employment Report which suggests the labor shortage is increasingly a problem. The U.S. private sector added 692,000 jobs in June, according to ADP which is down from the large gain in the prior month.
Investors are also digesting the new MBA Mortgage Applications data which showed a fizzling demand in the latest week. Indeed, mortgage applications to purchase a home were 17% lower than the same week a year ago. The average interest rate on a 30-year fixed rate mortgage with a conforming loan balance increased to 3.2% from 3.18%, assuming a 20% down payment.
Meanwhile, data from the U.S. Commcerge Department shows that sales of new single family homes in the U.S. declined unexpectedly by -5.9% in the month of May, marking a one year low. The decline is believed to be attributable to higher home prices and tight investors. Equities
U.S. stocks were mixed in early trading. S&P 500: 4,297.66, +0.05%
Nasdaq: 14,505.50, -0.16%
DOW: 34,361.00, +0.2)% U.S. Dollar and Treasuries 10-year Treasury yields were little changed. The dollar strengthened. U.S. Dollar Index (DXY): 92.10, +0.05% 10-year Treasury yield: 1.440% 2-year Treasury yield: 0.270% Stocks To Watch Exela Technologies , a business automation company, has announced a rollout of Robotic Process Automation (RPA) software for a large health insurance company. The company has also announced the completion of its $100 million at-the-market stock offering and announced […]