Pre-market futures are in the red following a somewhat down trading day Monday, with the Dow down 79 points, the S&P 500 down 39, and the Nasdaq down 405 points. The 30-year bond yield reached its highest level in 19 years at 5.32%, while the 10-year yield hit a 19-month high of 4.74%. Brent crude is back above $91 per barrel as Iran tightens ship traffic through the Strait of Hormuz and Yemeni Houthis bomb a Saudi Aramco refinery for the second time in two weeks. Housing starts for July came in below expectations at 1.239 million seasonally adjusted annualized units, the lightest print since May, versus 1.35 million expected and 1.42 million the prior month, with single-family homebuilding down 9.9% month over month and 16% year over year. Building permits rose 5% to 1.443 million units, the strongest read since February, while import prices dropped an unexpected 0.4% and exports fell 1.3%, the lowest monthly read in more than three years. Home Depot beat second-quarter estimates with earnings of $4.92 per share versus $4.71 expected and revenues of $47.86 billion, up 1.88% from estimates, and shares rose 1.5% on the news.
The Home Depot IncHome Depot beat Q2 earnings and revenue estimates, with shares up 1.5%.
10-year yield hit a 19-month high of 4.74%, indicating rising rates.
30-year yield reached highest level in 19 years at 5.32%.
