In economic data, housing starts fell to a 5-month low in March – showing annualized starts of 654,000, compared with expectations of 705,000. At the same time, the report showed higher demand for building permits, which is at the highest level since September 2008. Most of this growth is seen in multi-family units. Later this morning, Industrial Production will be released at 9 a.m. ET.
In futures markets, it looks to be a good day to be long risk. S&P 500 and DJIA front-month futures gained 0.6% ahead of the official market open. Crude Oil is also higher on the session, gaining 1%, while Natural Gas continues to experience selling at a $2-handle. Prices today are down 1.3% to $1.989. Currency markets are little changed overnight – EUR/USD is trading at 1.3134, USD/JPY at 80.55, and GBP/USD at 1.5940.
After the bell, IBM, Intel (INTC), and Yahoo (YHOO) report earnings. Keep an eye on those stocks during the trading day.