US July housing starts top the calendar
It's a quiet day on the economic calendar with only US housing starts coming up. Still, it's a good time to discuss how hot the US housing market has been.
Starts are forecast to rise to 1245K from 1186K. Low mortgage rates, the shock of the pandemic and people leaving the big cities to the suburbs are driving a major unexpected shift in consumer behavior.
Lumber futures:
In terms of what else will drive markets, earnings calls from Wal-Mart and Home Depot will get attention after strong results from both. I'll be watching for up-to-date commentary on spending trends in August after the benefits expiration.
