Shortly after the opening bell, the Dow, Nasdaq, and S&P 500 fell
2.5%, 2.7% and 2.3%, respectively. The market is currently trading
near recently reached highs, when the Dow, Nasdaq and S&P 500 were
up 1.9%, 2.1%, and 2.2%, respectively.
Just reported, August pending home sales rose 7.4% month-over-month on
a seasonally adjusted annual rate, compared to the expected decline of
1.3%. Pending home sales were down 2.7% in July. Pending sales are up
8.8% compared to last year. Pending home sales is released by the
National Association of Realtors and is based on signed real estate
contracts for existing single family homes, condos and co-ops.
All ten of the economic sectors are posting a gain. The energy (+2.5%)
and material (+3.3%) sectors are showing the most strength. The
defensive-oriented consumer staples sector (+0.3%) is underperforming
on a relative basis.
In commodity trading, oil is down 1.0% to $89.13 per barrel ahead of
the government's weekly energy inventory report at 10:35 ET. Gold is
up 4.2%, benefiting from the global rate cut and economic concerns.
Commodities as a whole are down 1.0%. The dollar is down 0.3%.