Earnings continue to come in better than analysts had anticipated, but that has failed to boost stock futures this morning. Comcast, Procter & Gamble, Aflac, International Paper, and Whirlpool are among those topping estimates. Sprint Nextel and Southern Co. are among the handful of name that came in short of expectations.
Mortgage applications for home purchases and refinancing rose last week. Borrowing costs on the 30-year fixed rate mortgage averaged 4.25%, just above the record low. We will get more insight in the housing market today with the release of new homes sales data. On Monday, existing home sales rose 10% from the previous month.
Durable goods orders for September increased 3.3%, following a 1.0% decrease in August. The gain in September came in well above the consensus expectation for a 1.6% gain. Excluding transportation, new durable goods orders fell 0.8%, after a 1.9% increase in August.
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