The NAHB/Wells Fargo National Housing Market Index (HMI) printed at 46.0 for November, up from 43.0 in October and better than the 44.5 consensus forecast compiled by FactSet. Still, the HMI remains in contraction territory. But, as Raymond James Chief Economist Eugenio J. Alemán notes, it's up seven points compared to 39.0 in August.

Last week's semiconductor selloff has pushed these stocks deeper into oversold territory, according to Renaissance Macro's Jeff deGraaf. With earnings from sector stalwart Nvidia Corp. due later this week,

The chip maker’s earnings day has become a major event on Wall Street, drawing comparisons with Fed meetings and key economic reports for their influence over the broader market.