Housing: July new home sales rose to a 433,000 unit annualized rate from a revised 395,000 unit rate in June. Economists surveyed by Briefing.com forecast sales at a 390,000 unit annual rate.
On Tuesday, an S&P/Case Shiller report showed that home prices rose 2.9% in the second quarter versus the first, the first quarterly rise in three years.
Durable goods orders: Orders for goods meant to last three years or longer rose more than expected in July. According to a Commerce Department report released Wednesday morning, durables rose 4.9% after falling a revised 1.3% in June. Economists thought orders would rise 3.2%.
Oil prices: Crude prices slipped by $1.01 a barrel to $71.04 on the New York Mercantile Exchange, after a government report showed crude supplies rose less than expected last week, while gas and distillates - used in heating oil - rose more than expected.
World markets: European markets tumbled in afternoon trading, while Asian markets mostly ended higher, with the Japanese Nikkei rising 1.4%.
Bonds: Treasury prices slipped, boosting the yield on the benchmark 10-year note to 3.44% from 3.43% Tuesday. Treasury prices and yields move in opposite directions.
Treasury sold $42 billion of 2-year notes Tuesday and is planning to sell $39 billion of five-year notes Wednesday and $28 billion of 7-year notes Thursday.
Other markets: COMEX gold for December delivery fell 70 cents to $945.30 an ounce.
In currency trading, the dollar rose versus the euro and the Japanese yen.
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