Stock index futures fell ahead of the open as caution takes root with the market up 7% in four days. Earnings are still in focus this morning. Most of it is better-than-expected, with companies like IBM, Google, Mattel, General Electric, Bank of America, and Citigroup all exceeding consensus estimates, but also with many showing disappointing revenues.
Construction of new U.S. homes rose in June to the highest level in seven months, a tentative sign that builders are starting to regain confidence. The Commerce Department says construction of new homes and apartments jumped 3.6% last month to a seasonally adjusted annual rate of 582,000 units, from an upwardly revised rate of 562,000 in May. In another encouraging sign, applications for building permits, which is viewed as an indicator of future activity, rose 8.7% in June.
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