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.
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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 […]
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