Wall Street stocks muted as housing data add to economic gloom
US stocks were subdued on Tuesday and oil prices fell after a fresh burst of disappointing economic data from the US and Germany added to concerns over the global growth outlook.
Wall Street’s broad S&P 500 was up 0.1 per cent by the late morning in New York, while the technology-heavy Nasdaq Composite was down 0.3 per cent. Europe’s regional Stoxx 600 share index closed 0.2 per cent higher. Germany’s Dax rose 0.7 per cent and London’s FTSE 100 added 0.4 per cent.
Those moves came after data showed that the rate of new home construction in the world’s largest economy fell to its lowest level in July since early 2021. US housing starts last month fell 9.6 per cent month on month to an annualised pace of just under 1.45mn, lower than Wall Street forecasts of about 1.54mn and below June’s figure of 1.6mn.
“Homebuilders now have far too much inventory, and prices are under pressure,” wrote Ian Shepherdson, chief…