International markets pulled back this morning, with China finishing 5% lower, Japan ending down 3%, and Europe trading more than 2% lower at mid-day. The negative tone carried over to U.S. markets, as the futures indicate a drop at the opening bell.
The Empire State Manufacturing Index, a measure of manufacturing activity in the state of New York, moved into positive territory in August, suggesting growth in the sector for the first time since November 2007. Later today, the National Association of Home Builders issues its Housing Market Index, which measures sentiment in the home building industry.
Tomorrow we will get inflation data at the producer level, with the release of the PPI, and we will get additional housing data with reports on starts and building permits. The Leading Indicators will be released Thursday, along with the weekly jobless claims number, and we end the week with existing home sales data.
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