Midday Report: New Home Sales Beat Sharp Retreat; White House Proposes Cuts

The S&P 500 is on track for its fourth straight day of gains after a Trump budget proposal backs big cuts to social programs.
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The S&P 500 was on track for its fourth straight day of gains after a Trump budget proposal backed big cuts to social programs. The White House has called for cuts to funding at every federal department besides defense, security and veteran affairs. New home sales retreated in April after reaching a ten-year high a month earlier. Sales of newly-constructed homes fell by 11.4%, a sharper drop than anticipated. Manufacturing activity in May fell to an eight-month low, according to the Markit flash PMI. Meanwhile, the flash services reading increased to a four-month high, beating consensus. DSW (DSW) - Get Report decreased after a weaker-than-anticipated first quarter. The shoe retailer conceded that sales were challenging, though said trends improved during the quarter, picking up speed in April.