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US shares open lower after disappointing housing data
Nasdaq down 0.45% (Il Sole 24 Ore Radiocor) - New York, 16 Aug - US shares opened lower after disappointing housing data raised concern about economic growth.
Wall Street posted one of its best days of the year yesterday after strong retail sales confounded expectations and pointed to a US economy that remains resilient.
But data on housing starts and permits today came in below expectations, casting a shadow over the state of the real economy as high interest rates take their toll.
Yesterday's stronger-than-expected retail sales print followed inflation data earlier in the week that helped boost hopes that a soft landing for the economy is on the cards as pricing pressure slowly falls towards the Federal Reserve's target growth rate of 2%.
The CME Group's FedWatch Tool is currently pricing in a 100% chance of a Fed rate cut at the next policy meeting in September with the chance of more to come later in the year.
Attention now turns to consumer-sentiment data later for more insights into how consumers are coping.
On the stocks front, shares in giant retailer Walmart were steady in early trade after jumping more than 6% yesterday following strong quarterly results. Tax-preparation firm H&R Block shares surged 7% after better-than-expected earnings and outlook.
Just after the opening bell the Dow Jones was down 29.76 points, or 0.07%, at 40,533.30, the S&P 500 was down 15.43 points, or 0.28%, at 5,527.79 while the Nasdaq was down 78.73 points, or 0.45%, at 17,515.76.
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(RADIOCOR) 16-08-24 16:03:56 (0323) 5 NNNN