On April 15, 2024, the National Association of Home Builders (NAHB) released its Housing Market Index (HMI) report for April. The report indicated that the HMI remained unchanged at 51, in line with analysts' expectations.

The housing market continues to face pressure as mortgage rates remain near 7%. The latest inflation data showed an uptick in inflation rates, serving as a negative catalyst for the index.

The National Association of Home Builders commented, "As the market adjusts to the recent rise in rates due to the latest inflation data, we still anticipate the Federal Reserve to announce future rate cuts this year, and mortgage rates are expected to stabilize in the second half of 2024."

Today, traders also had the opportunity to review the February Commercial Inventory report. The report revealed a 0.4% month-over-month increase in commercial inventories, surpassing analysts' expectations of +0.3%.

The US dollar index tested new highs as traders reacted to the NAHB Housing Market Index report. Currently, the dollar index is striving to stabilize above 106.15. Bond traders are betting more hawkish on the Federal Reserve, causing bond yields to rise.

Gold closed below $2,335, with traders monitoring the strengthening US dollar and rising bond yields. Profit-taking also emerged as a significant catalyst in today's gold market trading.

The S&P 500 index retraced from intraday highs following the release of the NAHB Housing Market Index report. From a macro perspective, the S&P 500 index is attempting to rebound after last Friday's sell-off.