10:05 am : Stocks are on the retreat following a disappointing existing home sales report.
Existing home sales for August came in at an annualized rate of 5.1 million units, which is a step down from the July sales rate of 5.2 million units and less than the 5.35 million unit sales rate that was widely expected.
Month-over-month, August sales decreased 2.7%. They were expected to increase 2.1% after showing a 7.2% spike the month before.
Homebuilders have responded to the data by dropping sharply. It is now trading with a 1.1% loss. The group had its sector rating raised to Attractive by analysts at Goldman Sachs, according to Reuters.