US futures up thanks to positive construction data

<p>The US commerce department has released positive construction data. </p>

US stock futures are up in trading today (September 19th) after the release of positive construction data from the American commerce department.

The building of new homes and apartments rose 2.3 per cent in August to a seasonally-adjusted annual rate of 750,000.

This was thanks in part to a hike in single-family projects, which were found to be up by 5.5 per cent – a more than two-year high – to an annual rate of 535,000 homes.

With the release of the positive data, the Dow Jones, S&P 500 and Nasdaq futures were all up by 0.17 per cent as of 14:45 BST.

Douglas Yearley, chief executive officer of Toll Brothers – the largest luxury-home builder in the US – told Bloomberg: "The housing recovery is being driven by pent-up demand, very low interest rates and attractively priced homes."

He added their current situation means that some companies are now enjoying pricing power.

Learn all about CFD trading strategies and the stock market at City Index.

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.