NEW YORK, Jan 21, 2026, 07:13 (EST) — Premarket
U.S. stock index futures held steady Wednesday after Wall Street posted its biggest drop in three months. Investors shrugged off a light U.S. economic calendar, focusing instead on housing data, Treasury auctions, and the latest political developments. At 5:56 a.m. ET, Dow e-minis climbed 51 points, or 0.11%, S&P 500 e-minis rose 13.25 points, or 0.19%, and Nasdaq 100 e-minis added 26.25 points, or 0.11%.
Traders are now asking themselves whether today’s data can shift sentiment at all. The backlog of delayed reports has left even standard calendar entries feeling anything but routine. Rate expectations stay on edge, reacting sharply to any sign that the economy might be cooling—or holding steady.
Housing takes the spotlight early. The Mortgage Bankers Association reported a 14.1% jump in mortgage applications for the week ending Jan. 16. Refinance applications surged 20%, while the purchase index climbed 5%. “Mortgage rates declined further last week, driving another big week for refinance applications,” said Joel Kan, MBA’s vice president and deputy chief economist. MBA Newslink
At 10 a.m. Eastern, the National Association of Realtors will publish its Pending Home Sales report for December. This index measures signed contracts on existing homes, often seen as a key indicator since closings usually occur several weeks afterward. The previous figure recorded a 3.3% increase.
At 10 a.m., the Census Bureau will release delayed construction spending data for September and October 2025. Economists surveyed by CME Group anticipate a 0.1% drop in this report.
Key housing-market indicators are still misaligned. The government’s report on residential construction for October 2025 came out Jan. 9, but the date for the next update is “TBD,” highlighting ongoing gaps in the near-term data flow. Census.gov
On tap in rates, the Treasury plans to auction $69 billion in 17-week bills. Noncompetitive bids are due by 11:00 a.m., while competitive bids close at 11:30 a.m. The Treasury also aims to sell $13 billion in 20-year bonds, with noncompetitive bids due by noon and competitive bids by 1:00 p.m., settling on Feb. 2.
Energy traders are set to miss their usual weekly government inventory update today. The Energy Information Administration has scheduled its next Weekly Petroleum Status Report for Jan. 22.
The U.S. Supreme Court is scheduled to hear arguments at 10 a.m. in a case linked to President Donald Trump’s attempt to oust Federal Reserve Governor Lisa Cook. This showdown is being closely watched for its potential impact on the Fed’s independence. Treasury Secretary Scott Bessent warned that it would be “a mistake” for Fed Chair Jerome Powell to show up at the hearing. Reuters
The setup remains fragile. A messy long-bond auction, a steeper-than-anticipated drop in housing activity, or fresh tension from trade talk might push stocks back into the risk-off mood seen on Tuesday.
At 10 a.m. ET, pending home sales and delayed construction spending data roll out, followed by Treasury auctions later today. Attention then pivots sharply to the Federal Reserve’s policy meeting scheduled for Jan. 27-28.
