Credit: Shutterstock photoStocks are following Chinese markets lower today as investors prepare for key housing data.
S&P 500 futures are down 0.2 percent, while Europe has fought back from earlier losses and is now little changed. Shanghai was the big mover overnight with a drop of more than 6 percent, despite a lack of bearish news in the region.
Attention now turns to building permits and housing starts at 8:30 a.m. ET, which will be watched closely because homebuilders and their suppliers have been among the strongest companies in the market during the last month.
The S&P 500 has squeezed into a tight range since late July as investors digest devaluation in China and mixed economic news in the United States and Europe. They're also looking for clues on the direction of interest rates, which will keep attention focused on minutes from the Federal Reserve's last meeting tomorrow afternoon.
In company-specific news, Wal-Mart Stores fell 3 percent after missing estimates and lowering guidance. Urban Outfitters slid 2 percent on weak sales. Trina Solar rose 8 percent on better-than-expected results. Esperion Therapeutics surged 10 percent on a positive Food & Drug Administration decision yesterday afternoon. Home Depot rose 1 percent after quarterly revenue beat forecasts.
Gold and silver miners have also come to life recently as weak employment and consumer news reduced expectations for a Fed rate hike. optionMONSTER's proprietary researchLAB market scanner also shows strength in oil refiners, casino operators, tire makers and airlines.
The Chinese weakness continues to weigh on economically sensitive commodities, pushing down copper by almost 2 percent and oil by 0.7 percent. Silver also fell 1.5 percent and gold is little changed. The British pound is the big mover in foreign-exchange markets, surging against most other currencies after Bank of England policymaker Kristin Forbes suggested interest rates need to increase.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
