S&P futures vs fair value: -3.1. Nasdaq futures vs fair value: -10.0.

The Housing Starts and Building Permits data were both stronger than expected. Specifically, starts were down only 2.1% to an annualized rate of 1.474 million units versus an expected 3.5% decline while permits rose 3.0% to 1.501 million versus an expected increase of 1.0%. The data have not had any meaningful impact on the futures market which continues to presage a negative start for stocks after the disappointing earnings report from Best Buy.