The week got off to a slow start yesterday with the S&P 500 dropping 2.4% on low trading volume after a key manufacturing gauge came in weaker than expected. Today, futures are slightly higher after the release of housing and inflation data.
New housing starts and permits rebounded in May from record lows. The Commerce Department said housing starts jumped 17.2%, while new building permits, which provide a sense of future home construction, rose 4%, the biggest advance in a year. In a separate report, producer prices rose by less than expected in May, while prices compared with a year ago notched their steepest fall since 1949. Still to come are factory capacity utilization and industrial production.
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