Market focus is largely attuned to simmering U.S.-China tensions and ongoing concerns about the economic impact of the coronavirus pandemic. The U.S. tightened restrictions on China’s Huawei on Monday, seeking to make it more difficult for the tech giant to obtain critical components.
The Department of Commerce also added 38 Huawei affiliates onto a trade blacklist called the Entity List.
Meanwhile, U.S. lawmakers remain locked in a stalemate over a potential new coronavirus stimulus deal. Democrats and Republicans are holding their respective presidential nominating conventions starting this week.
Senate Republicans plan to introduce a narrow coronavirus relief plan that also includes $10 billion for the U.S. Postal Service, NBC News reported Monday evening.
In the latest sign the economy may be slowly recovering, U.S. housing starts reached 1.496 million in July, according to data released Tuesday by the Commerce Department.
That figure far exceeded the 1.24 million expected by economists; in June, housing starts totaled 1.186 million. The data is seen as a key indicator for the health of U.S. consumers and the economy more broadly.
July’s number comes amid growing strength in the sector, which saw the SPDR S&P Homebuilders ETF rise to a record high.