With housing starts the best sign so far of a second-quarter rebound, traders are watching Thursday's existing home sales data to see if the sector will continue to show signs of life.
"The only two games in town (Thursday) are going to be the jobless claims and existing home sales," said Ward McCarthy, chief financial economist at Jefferies. "And so far, the thing is, if we're going to see a rebound in the second-quarter economic activity—and I think we will—a lot of it is going to be centered in housing."
Stocks closed mixed Wednesday, and Treasury yields edged lower, with no great reaction in either market to the minutes from the Fed's last meeting, released mid-afternoon. The 10-year note was yielding 2.25 percent in late trading.