The excitement from megatech companies’ latest results didn’t last too long. The Nasdaq gave up gains and is currently flat.

Communication Services sector is comfortably leading after Facebook (FB) and Comcast (CMCSA) beat Q1 expectations. Other names moving in the sector are Alphabet (GOOG), Verizon (VZ) and AT&T (T).

March pending home sales reported weaker than expected at +1.9% vs +4.4% consensus. Prior month was revised down to -11.5%. All regions except Midwest saw gains. Inventory remains a problem.

"Low inventory has been a consistent problem, but more inventory will show up as new home construction intensifies in the coming months, as well as from a steady wind-down of the mortgage forbearance program," said Lawrence Yun, NAR's chief economist.

Earnings and Stock Moves

All eyes will be on Amazon (AMZN) this afternoon.  For the most part, the stock trades higher one week after earnings than the initial reaction.