Good & Bad For The Week

Good:

  1. Initial jobless claims plunged to 255k, easily beating estimates for 279k and hit the lowest level in decades
  2. Leading Indicators rose by +0.6% in June, beating estimates for +0.2% gain
  3. The Manufacturing PMI Flash index rose to 53.8, beating estimates for 53.7
  4. The Chicago Fed National Activity Index rose to 0.08, beating estimates for -0.05
  5. The FHFA house price index rose +0.4%, matching estimates
  6. Existing homes sales rose 3.2% to 5.49M, beating estimates for 5.4M

 

Bad:

  1. The major indices fell last week as earnings fail to impress investors (so far)
  2. The Transports and a slew of Commodities fell hard and that bodes poorly for the broader economy
  3. New home sales plunged -6.8% to 482k, missing estimates for 550k and erased the past two months of gains
  4. Kansas City Fed Manufacturing Index remains in negative territory and contracted to -7
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