Just hitting the wires, April pending home sales unexpectedly bounced
6.3% on a seasonally adjusted annual rate, according to National
Association of Realtors. Economists expected sales to fall 1.0%. The
reading is the highest since October, but is still 13% below one year
ago.
The major indices get a boost from the better-than-expected report,
although the Nasdaq is in the red. The tech sector (-0.5%) is facing
selling pressure, with Apple (AAPL 181.83, -3.81) in negative territory
as the Apple Worldwide Developers Conference kicks off. Barron's
reported this morning that the new iPhone's production is behind
schedule.
The energy (+1.6%) and materials (+1.3%) are providing leadership.