Stocks are moving higher due to late day corporate earnings releases yesterday and ahead of the Feds rate decision this afternoon.

In economic news, durable goods orders posted a 1.9% increase in June, beating the expected 0.5% decrease. The increase was largely due to orders for new vehicles and military aircraft. When looking at core orders (excludes transportation and government spending) growth was a more moderate 0.3%.

The advance goods trade balance in June lessened by $5.9 billion to $98.2 billion. Exports increased $4.4 billion and imports were lower by $1.5 billion. The advance wholesale and retail inventories also increased, up 1.9% and 2.0%, respectively.

In housing, mortgage applications fell for the 4th consecutive week posting a decline of 1.8% for the week ending July 22. The Refinance and Purchase indexes decreased 4% and 1%, respectively, and the average rate for a 30-year fixed-rate conforming loan dropped 8 basis points to 5.74%. Pending home sales tanked 8.6% in June, down from 0.4% the prior month and much lower than expectations. All 4 major regions fell with the West leading the decline. Economic uncertainty, higher mortgage rates and affordability continue to sideline would-be buyers.

Treasury yields are higher, with the 2-year T yield up 4.5 basis points to 3.04%, the 5-year T yield up 2.7 basis points to 2.85% and the 10-year T yield up 2.2 basis points to 2.76%. Advance rates are higher on 6 month terms and longer.