The Mortgage Bankers’ purchase index was released at 7:00 AM EDT, and there was a week to week decrease of 5.9% last week as the housing market continues to show weakness since the second financial stimulus program for home sales came to a close at the end of April.
At 10:00 AM EDT, the New Home Sales report for May will be released. The consensus is that 400,000 new homes were sold last month, which would be a decrease of over 20% from April, but was expected as the housing tax credit expired at the end of April.
At 10:30 AM EDT, the weekly Energy Information Administration Petroleum Status Report will be released, giving investors an update on oil inventories in the United States.
At 2:15 PM EDT, the FOMC Meeting Announcement will be made, which will provide insight into how long the Federal Reserve plans to keep rates at 0%. It is assumed that there will be no immediate change in the Fed funds target rate, but any hint that rates could rise in the future could have an impact on the bond market and stock market.
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