Tuesday headline Housing Starts increased substantially growing at 20% from April.
The spring thaw in the northeast accounted for most of the jump. Unfortunately the bulk of the increase was only in Multi-Family rental units while growth in single family homes was moderate. Ironically homebuilders jumped on the news as algos continued to react quickly to the headline but not inside the numbers data.
Interestingly again interest rates rose sharply which again benefitted heavy index weighted financials and banks once again. This allowed for a firm bid there keeping markets stable if nothing else. The dollar once again rallied clubbing the euro. European stocks rallied but not for US dollar investors. Gold and most commodity markets