March new home sales, April manufacturing PMI: Breaking data

Yahoo Finance Video
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US new home sales surpassed March estimates, reporting 693,000 sales month-over-month while falling 2% on an annual basis. The inventory crunch and relatively high mortgage rates have subsequently put a bind on the US housing market, which may be opening up more buying opportunities for new homes.

Additionally, S&P Global's US Manufacturing Purchasing Managers' Index (PMI) fell below estimates with a reading of 49.9 for April.

Yahoo Finance's Seana Smith and Madison Mills break down the fresh data prints.

For more expert insight and the latest market action, click here to watch this full episode.

This post was written by Luke Carberry Mogan.