Stocks are trading mostly flat right now after starting the day lower. A better than expected housing starts report pushed stocks higher this morning, but big tech stocks, Intel and IBM, are weighing the market down. Housing starts jumped 15% in September to a seasonally adjusted 872,000 units, the quickest rate since 2008. Economists were expecting an increase to 770,000.
Intel posted quarterly results that beat Street estimates, but its guidance came in soft as consumers shift to tablets. IBM reported a profit that beat expectations, but its revenue came in below estimates.
The Dow is currently trading down 6 points, the Nasdaq is up 4 points and the S&P 500 is up 5 points. [Read more...]