Wall Street signaled a flat open Tuesday after an unexpected drop in home construction stirred worries about the economy.
Data showing that housing construction fell to a record low in April dashed some hopes that the housing market has hit bottom. Many analysts see a recovery in housing from its three-year slide as necessary before the economy can begin to rebound.
The Commerce Department reported that construction of homes and apartments fell 12.8 percent last month to a seasonally adjusted annual rate of 458,000 units, the lowest pace on records going back a half-century.
Falling home prices not only pinch consumers but the banks that hold mortgages losing value.
Stock futures had been higher ahead of the housing report because of enthusiasm over stronger-than-expected quarterly results at Home Depot Inc. The company's fiscal first-quarter earnings rose 44 percent as it booked fewer charges. The nation's largest home improvement chain reiterated its profit forecast for the year.
Market Data 
Markets 
AI
