U.S. Stock Futures Are Lower In A Positive Reaction To Initial Earnings Reports

U.S. stock futures are lower. U.S. stock indexes closed higher on Tuesday in a positive reaction to initial earnings reports. Treasury yields are lower across an inverted yield curve with the 10-yr at 2.96% and the 2-yr at 3.19%. Weekly mortgage applications decreased sharply and housing starts and permits both came in below estimates. Existing home sales for the June will be released at 10 am and the 20y bond auction is set for this afternoon.  Asian markets closed higher. European markets are lower in midday trading as the ECB is expected to discuss raising rates 50 basis points at their meeting on Friday.