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Imus in the morning.
On the fox.
Good morning everybody got the latest read on the housing markets today there are some encouraging signs housing starts came in at an annual rate of 698000.
-- break and while that is down one point 1% from January and -- this 707000.
Estimate the January figure was revised higher to a rate of 706000.
We also got February building permits that's a sign of future activity.
And that number jumped by five point 1% from January to an annual rate of 7171000.
That -- permits near -- three and a half year high.
And it beat the estimate which was for 690.
Thousands with thirty minutes away from the opening bell on Wall Street if you've been watching with us you know futures are down.
Right now we're seeing Dow futures down by 74 the S and -- down about nine and the NASDAQ down by thirteen.
Well let's go over to the call that a -- he's on the floor of the New York Stock Exchange to see -- I -- expected to turn these numbers around by the up.
And -- well what's interesting is that watching the dollar the dollar had broken down a given the opportunity for equities commodities and get them.
Up arrows there today it's a different picture of the dollar higher that -- Pressure -- debates you do have futures pointing to a lower open we also talk about the housing starts.
Last month -- -- -- disappointment and so you put that together and that gives a market that -- down arrows here.
That being fed did not all bad news right -- Bank of America and Citigroup winds up one down.
So we'll continue to watch the financials the financials actually have been doing quite nicely some other areas have broken down such -- utilities some of the consumer names.
-- -- favor yesterday that's.
Today we'll watch those financials very closely.
Also keep an eye on retailers both Michael cores and Tiffany without -- Michael course.
Which have been hitting all time highs -- mean that's been jumping.
Raising its forecast and when you raise your forecast everybody loves to -- We have better numbers and while we expected it that's great news and that's the kind of who's that got course is looking at this morning Michael -- up about 4% Tiffany we've been focusing on Tiffany also forecasting in earnings per share of at least.
-- 395 is more than 390 kill.
And so with that same story exceeding analysts' estimates of Tiffany as well looking with an up -- we'll keep an eye on not.
Some of the steel stocks still that's a very impressive yesterday US steel Nucor all those names -- to the upside after an analyst's upgrade in the group has really been.
Out of favor -- last demanded so yesterday we saw a nice job today well given -- me back some of that back so.
We're seeing US still down about 2% continue to watch Walt Disney John Carter -- -- for Disney did well abroad but not not well enough to make up for the this interest here in the states -- pineapple force which hit an all time high yesterday.
-- -- involvement in ladies and any act that -- thanks Wendell.
And house Republicans will unveil their budget proposals for the upcoming fiscal year later this morning and lawmakers are looking to take an act.
To a number of areas including spending and taxes Fox Business Robert -- It in our news and now with a preview of that planet Robert haven't planted -- -- rather plan to pay and it's punch mr.
How -- -- plan to Paper all these cuts.
Yeah plan to pay for them well they're not they're saying that the -- not gonna drop off -- plunged because of becoming as some tax breaks we don't know which ones yet.
That's information coming in about ninety minutes time when the House Budget Committee chairman Paul Ryan holds post.
A press conference where he's expected to fill in some of the blanks here now what we are expecting cuts in federal spending you mentioned taxes and also Medicare.
To individual tax rates are expected to be propose looking at 10%.
And on the upper -- 25%.
That's down from the current six.
Different tax breaks a lower corporate tax rate as well expected to be of 25%.
-- -- cut 10% from the current level.
And eliminate the Alternative Minimum Tax of course.
Which is beginning to hit more and more middle class families tax is obviously a big focus -- upset the current tax levels will be discussed as well they would expire at year's end.
Also are looking good nearly eliminate taxes on overseas profits by US corporations.
Unclear what new level -- that might be at.
The plan expected it could pass the house but not the Democrat controlled senate and of course the Democrats for their part -- say that this is reneging on the deal they set.
For a buy the debt limit deal from last August on the discretionary spending deal with.
The Republicans want to wait -- how to saw hatches out.
At 10:30 eastern time.
And of course in an election year even if it doesn't that that will give our political candidates more to argue about which of course we -- we'll hear more about it on the trail and I doubt I think rabbit.
And Treasury Secretary Tim Geithner will go to file lawmakers today to get hit nearly prognosis on the state of the international financial system.
Geithner plans to tell the house financial services committee that the US has strong ties to Europe.
But little exposure to the five economies at the center of its debt crisis he says that Europe is still in the early stages of what he calls a long and difficult path to reform.
But that countries have made significant progress in dealing with massive debts and he adds that the US has no plans to give more -- sources to the International Monetary Fund.
Taking a look at -- oil and gold are down Imus in the morning continues right now.
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