Market Overview - Pre-market futures are down, indicating a mass realization of historically high market levels, with the Dow hitting an all-time closing high recently [1] - The Dow is down 120 points, S&P 500 down 56 points, Nasdaq down 300 points, and Russell 2000 down 17 points, but no significant correction is observed at current levels [1] Housing Market - Housing Starts for June show a bounce back to 1.352 million seasonally adjusted, annualized units, up from 1.314 million, which remains at multi-year lows [1] - Building Permits are at 1.446 million seasonally adjusted, annualized units, surpassing the expected 1.40 million and the revised May figure of 1.399 million [2] - Multi-family units led gains in Housing Starts with a 22% month-over-month increase, while Single-family units decreased by 2.2% [3] - Developers are pulling back on Multi-family developments due to sufficient supply, while Single-family homes are in short supply as current homeowners are reluctant to sell [3] Company Earnings - Johnson & Johnson (JNJ) reported Q2 earnings of 22.45 billion exceeding the Zacks consensus by 0.45% [4] - Despite the earnings beat, JNJ shares are only modestly up on a down trading day, not significantly impacting the year-to-date selloff of 3% [4] - Upcoming Q2 earnings results include United Airlines (UAL) and Alcoa (AA), with expectations for continued positive performance following strong results from major Wall Street banks [4]
Housing Starts Increased More Than Expected