In the past few minutes, the major averages have edged up off their lows for the young session, but they remain in the red. The Dow is down 67.34 points or 0.4% at 16,893.23, the Nasdaq is down 23.30 points or 0.5% at 4,426.27 and the S&P 500 is down 8.67 points or 0.4% at 1,969.67.
The early weakness on
The Federal Reserve's monetary policy announcement on Wednesday and the release of the
However, traders are also likely to keep an eye on reports on second quarter GDP, manufacturing activity, consumer confidence, and personal income and spending.
Negative sentiment was recently generated by the release of a report from the
NAR said its pending home sales index dropped by 1.1% to 102.7 in June after surging up by 6% to 103.8 in May. The decrease came as a surprise to economists, who had expected pending home sales to increase by another 0.5%.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
Housing stocks have moved notably lower following the release of the data, dragging the Philadelphia Housing Sector Index down by 1.5%. The drop extends a recent pullback by the index, which has fallen to a two-month intraday low.
Electronic storage, oil service, and semiconductor stocks have also come under pressure, while most of the other major sectors have shown more modest moves to the downside.
Among individual stocks, shares of
Shell egg producer
On the other hand, shares of
In overseas trading, stock markets across the
Meanwhile, the major European markets have all moved to the downside on the day. While the German DAX Index has fallen by 0.7%, the
In the bond market, treasuries are showing a lack of direction ahead of the key events later in the week. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 2.473%.
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