|BY THE NUMBERS|
Oil prices were higher this morning, with U.S. crude and Brent both trading over $50 per barrel. The American Petroleum Institute showed a larger than expected drawdown on stockpiles. The U.S. government issues its weekly inventory report at 10:30 a.m. ET.
Today's U.S. economic reports largely center around the housing market, with the government's April assessment of home prices out at 9 a.m. ET, and the National Association of Realtors issuing its May existing home sales report at 10 a.m. ET.
Another drop in mortgage rates, to their lowest level in three years, sent borrowers back to the bank to refinance home loans. Refi applications rose 7 percent last week, while total volume increased 2.9 percent, according to the Mortgage Bankers Association.
Winnebago (WGO) is among the few companies out with earnings this morning, while Bed Bath & Beyond (BBBY) and Red Hat (RHT) are among those releasing quarterly results after this afternoon's closing bell.
STOCKS TO WATCH
Adobe Systems (ADBE) reported adjusted quarterly earnings of 71 cents per share, 3 cents above estimates. Revenue matched. But the software tools maker issued a weaker than expected forecast for the current quarter.
FedEx (FDX) beat estimates by 2 cents with adjusted quarterly profit of $3.30 per share. Revenue also beat. But FedEx reported an overall quarterly loss due to pension adjustments and costs related to its acquisition of Europe's TNT.
KB Home (KBH) reported quarterly profit of 17 cents per share, 3 cents above estimates. Revenue easily topped forecasts. The homebuilder said deliveries increased a better than expected 30 percent and new orders were higher by 8 percent.
Fortune Brands Home & Security (FBHS) joins the S&P 500 after the close tomorrow. The stock replaces Cablevision Systems, following the completion of its acquisition by Europe's Altice. Churchill Downs (CHDN) replaces Fortune in the S&P MidCap 400.