- The S&P 500 snapped a three-day winning streak and lost 1.0% on the day.
- U.S. housing starts rose 3.0% in June, while building permits rose 3.4% over the same period.
- US industrial production rose 0.6% month-on-month in June.
The S&P 500 hit a daily high of 5,656 during the European session, finding sellers who dragged the index to a daily low of 5,602. At the time of writing, the index is trading at 5,616, down 0.84%, on today’s trading day.
Housing starts rise in line with building permits and U.S. industrial production
Industrial production rose 0.6% in June compared with the 0.3% expected, following a 1% rise in May. This figure is higher than the 0.3% expected by the market. Capacity utilization reached its highest level in seven months, expanding to 78.8% in June from 78.3% in May, thus exceeding market expectations of 78.6%.
Housing starts rose 3.0% in June to 1.353 million units, above estimates of 1.31 M and the prior estimate of 1.314 M.
Building permits rose 3.4% to 1.446 million units. This reading is higher than the analyst consensus of 1.39 million and the 1.399 million reported in May.
Levels to consider in the S&P 500
The nearest resistance is at 5,667, the all-time high reached yesterday. The first support is at 5,573, the low of July 12. The next support is at 5,524, the low of July 5 supported by the 13-period Exponential Moving Average.
S&P 500 4-hour chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
