Afternoon Note
The market isn’t doing a whole lot of anything as we await the Fed decision on rates at 2. The major indices are trading off their highs, and are trading near the flat line. Energy, Financials, Industrials, Materials and Telecom Services are strong today while Consumer Staples, Health Care and Real Estate sectors are weak.
Energy is leading as oil is back above $45 a barrel on the latest API report and EIA reports.
The API data showed a surprise draw of -7.5 million barrels compared to last week build of +1.438 million barrels. The EIA inventory also had an unexpected draw for both oil and gas inventories:
On the housing front, weekly total mortgage application volume decreased 7.3% from the previous week, according to the Mortgage Bankers Association from an increase of 4.2% in the previous week. Purchases decreased 7%. Refinance loans dropped 8% as the average contract interest rate for 30-year fixed-rate mortgages increased to its highest level since June, at 3.70% for a conforming loan of $417,000 or less, from 3.67%.
The S&P Real Estate Sector SPDR Fund, which just began trading this week, is currently down 1%.
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