Stock futures were down ahead of the opening bell. A surprise rate hike by China has slowed the enthusiasm over numerous better-than-expected earnings results, including those of IBM, Apple, Bank of America, Goldman Sachs, Coca-Cola, and Johnson & Johnson. There will be dozens more reporting earnings today.
In terms of economic news, data will be light today. The Commerce Department said new construction of U.S. house expanded for the third straight month in September. Starts rose 0.3% to a seasonally adjusted 610,000 annualized units, much stronger than the 578,000 pace expected. Building permits, a leading indicator of construction, fell 5.6% to a seasonally adjusted rate of 539,000 units. There are no other reports today.
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