Wall Street Edges Higher at Open as Housing Data Cap Rebound; Dow up 140 Pts By

© Reuters.

By Geoffrey Smith — U.S. stock markets opened modestly higher on Tuesday, but another sign of a weakening housing market took much of the energy out of an overnight rebound. 

By 9:40 AM ET (1340 GMT), the was up 140 points, or 0.4%, at 34,105 points, recouping only one fifth of its 2% loss on Monday, when the market was gripped by fears of another Covid-19-driven slowdown. 

The was up 0.4%, while the , which had outperformed on the way down on Monday, was down another 0.2%.

Earlier, building permit data for June surprisingly fell 5.1%, to their lowest level since November. Granular data from the report showed a drop in permits across all major regions, against a backdrop of higher raw materials prices and anecdotal labor shortages. 

Fears about a resurgence of the pandemic were evident in a 7.2% rise in Novavax (NASDAQ:) stock and a 5.1% rise in Moderna (NASDAQ:) stock

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