Stock were modestly higher last week, with major indices logging their fourth consecutive week of gains. The Dow, S&P, and Nasdaq also all set fresh all-time closing highs. The S&P is now up 5.3% MTD, on track for its best month of the year and more than erasing April’s monthly decline. That modest gain brought the Dow S&P and Nasdaq the new All-Time closing highs. We took a quick look back at all the 10% or more drawdowns. Only 2021 didn’t have a 10%+ decline. Total price return (without dividends) was 122%
Earnings slowed down last week, with only seven S&P constituents reporting. Overall, the season continues to come in better than expected, with the blended earnings growth rate (after reports from 93% of S&P companies) standing at 5.7%, better than the 3.4% expected at the end of March and on track for its highest since Q2’22. At the same time, the Magnificent Seven names have been big drivers of that performance; stripping out these companies, the S&P 500 is seeing a blended earnings rate of (1.9%) through Friday.
Meme stocks, like Gamestop and AMC were among the week’s most notable gainers after the return of “Roaring Kitty” to social media.
Big tech was mostly higher. Other outperformers included semis, tech hardware, drug stores, autos, staples retailers, biotech, multis, asset managers, homebuilders, software, and China tech. Laggards included machinery, building materials, energy, food-beverage, P&C insurers, and pockets of specialty retail. Treasuries were firmer with the curve flattening in the wake of well-received economic data. Gold was somewhat higher for the week, rising 1.8%. Copper rose 8.4%, posting its best week since March 2022 and ending at a new all-time high. WTI crude settled up 1.7%.
Breaking down the week’s economic releases,April core CPI was in line with the headline a bit softer than expected. Analysts were generally positive on the report, highlighting a slight slowdown in rent inflation (shelter has been one of the stickier components of CPI). The release followed a mixed PPI report, which showed hotter a headline in April while March was revised lower.
April retail sales printed below consensus, and control-group sales declined m/m. Some analysts attributed the weakness to factors including bad weather, slower tax refunds, and building stress on the low-income consumer. The NY Fed’s Empire manufacturing survey moved farther into negative territory, and the similar Philadelphia survey was weaker than forecast. April housing starts missed as well. Initial jobless claims remained slightly elevated near the prior-week level, though there are still thoughts seasonal complications could be at play.
But while the path of least resistance skewed positive this week, bearish concerns are not far to seek. The negative macro surprise momentum that could enable Fed cuts could also be a harbinger of a broad slowdown that could weigh on corporate results. Talk about overbought conditions has reentered the narrative after dissipating in April’s pullback, while this week’s meme-stock rallies brought the word froth back to investors’ lips.
There is still a lot of attention on a weakening consumer impulse and higher delinquency rates, though for the moment these are most prominent among lower-income cohorts. Geopolitical concerns and uncertainty about the November US elections are still simmering away, always with the possibility of rising to a boil.
This week earnings pick up back with 17 S&P components on the calendar, most notable will be NVDA post-close Wednesday. May FOMC meeting minutes will be released on Wednesday. The economic calendar will be fairly mild, featuring April existing-home sales on Wednesday; initial claims, new-home sales, and May PMIs on Thursday; and April durable goods and the final UMich consumer sentiment report for May on Friday.
The Baker Hughes rig count was up 1 this week. There are 604 oil and gas rigs operating in the US – Down 116 from last year.
Metals Complex
Employment Picture
Weekly Unemployment Claims– Released Thursday 5/16/2024 – In the week ending May 11, the advance figure for seasonally adjusted initial claims was 222,000, a decrease of 10,000 from the previous week’s revised level. The 4-week moving average was 217,750, an increase of 2,500 from the previous week’s revised average.
April Jobs Report – BLS Summary–Released 5/3/2024 – The US Economyadded 175k nonfarm jobs in April and the Unemployment rate increased 0.1% to 3.9%. Average hourly earnings increased 7 cents to $34.75. Hiring highlights include +56k Healthcare, +31k Social Assistance, +22k Transportation and warehousing, and +20k Retail Trade.
Average hourly earnings increased 7 cents/0.2% to $34.75.
U3 unemployment rate increased 0.1% to 3.9%. U6 unemployment rate increased 0.1% to 7.4%.
The labor force participation rate was unchanged at 62.7%.
Average work week decreased 0.1 to 34.3 hours.
Job Openings & Labor Turnover Survey JOLTS – Released 5/1/2024 – The number of job openings changed little at 8.5 million on the last business day of March, the U.S. Bureau of Labor Statistics reported. Over the month the number of hires was little changed while total separations declined to 5.2 million, respectively. Within separations, quits (3.3 million) and discharges (1.5 million) changed little.
Employment Cost Index –Released 4/30/2024 – Compensation costs for civilian workers increased 1.2% for the 3-month period ending in March 2024. Wages and salaries increased 1.1% and benefit costs increased 1.1% from December 2023. The 12-month period ending in March 2024 saw compensation costs increase by 4.2. The 12-month period ending March 2023 increased 4.8%. Wages and salaries increased 4.4 percent over the 12-month period ending in March 2024 and increased 5.0 percent for the 12-month period ending in March 2023. Benefit costs increased 3.7 percent over the 12-month period ending March 2024 and increased 4.5 percent for the 12-month period ending in March 2023. This report is published quarterly.
This Week’s Economic Data
Housing Starts– Released 5/16/2024 – April housing starts came in at 1,360,000, 5.7% above the March estimate but is 0.6% below the April 2023 rate. Building permits were 3.0% below the March rate at $1,485,000 and 2.0% below the April 2023 rate.
Industrial Production and Capacity Utilization – Released 5/16/2024 – Industrial production was little changed in April. Manufacturing decreased 0.3%. Utilities output increased 2.8%. Mining decreased 0.6%. Total industrial production in April was 0.4% lower than its year-earlier level. Capacity utilization decreased to 78.4% in April, a rate that is 1.2% below its long-run average.
Retail Sales – Released 5/15/2024– Headline retail sales were virtually unchanged in April and are up 3.0% above April 2023.
Consumer Price Index –Released 5/15/2024– The Consumer Price Index for All Urban Consumers increased 0.3 percent in April on a seasonally adjusted basis, after increasing 0.4 percent in March. Over the last 12 months, the all items index increased 3.4 percent before seasonal adjustment.
Producer Price Index – Released 5/14/2024– The Producer Price Index for final demand increased more than expected rising 0.5 percent in April, seasonally adjusted. Final demand decreased 0.1 percent in March. On an unadjusted basis, the index for final demand moved up 2.2 percent for the 12 months ended in April.
Recent Economic Data
Consumer Credit– Released 5/7/2024– Consumer credit increased at a seasonally adjusted annual rate of 1.5 percent in March. Consumer credit increased at a seasonally adjusted annual rate of 3.2 percent during the first quarter. Revolving credit increased at an annual rate of 5.7 percent, while nonrevolving credit increased at an annual rate of 2.2 percent.
PMI Non-Manufacturing Index– Released 5/3/2024 – Economic activity in the services sector contracted in April following 15 consecutive months of expansion. The Services PMI® registered 49.4 percent, 2.0 percentage points lower than March’s reading of 51.4 percent.
U.S. Trade Balance – Released 5/2/2024 – The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced that the goods and services deficit was $69.4 billion in March, down $0.1 billion from $69.5 billion in February. March exports were $257.6 billion, $5.3 billion less than February exports. March imports were $327.0 billion, $5.4 billion less than February imports. The March increase in the goods and services deficit reflected an increase in the goods deficit of $0.8 billion to $92.5 billion and a increase in the services surplus of $0.9 billion to $23.1 billion.
U.S. Construction Spending– Released 5/1/2024 – Construction spending during March 2024 was estimated at a seasonally adjusted annual rate of $2,083.9 billion, 0.2 percent below the revised February estimate of $2,087.8 billion. The March figure is 9.6 percent above the March 2023 estimate of $1,901.4 billion.
PMI Manufacturing Index – Released 5/1/2024 – The April Manufacturing PMI registered 49.2 percent, down 1.1 percent from March. The manufacturing sector contracted in April after one month of expansion and following 16 consecutive months of contraction. The overall economy continued in expansion for the 48th month after one month of contraction in April 2020. The New Orders Index moved back into contraction territory at 49.1 percent, 2.3 percentage points lower than the figure of 51.4 percent recorded in March. The Production Index reading of 51.3 percent is a 3.3-percentage point decrease compared to March’s figure of 54.6 percent.
Chicago PMI– Released 4/30/2024 – Chicago PMI remained in contraction territory in April declining to 37.9 points down from 41.4 points in March. The latest reading indicated that Chicago’s economic activity contracted for the fifth consecutive month in April, and the lowest level since November 2022.
Consumer Confidence – Released 4/30/2024 – Consumer Confidence decreased in April for the third consecutive month. Expectations decreased from 74.0 to 66.4. Consumers’ assessment of the present situation declined in April from 14.8 to 142.9. Confidence retreated further in April, reaching its lowest level since July 2022 as consumers became less positive about the current labor market situation, and more concerned about future business conditions, job availability, and income.
US Light Vehicle Sales– Released 4/26/2024 – U.S. light vehicle sales were at a seasonally adjusted annual rate (SAAR) of 15.576 million units in March.
Personal Income– Released 4/26/2024 – Personal income increased $122.0 billion (0.5 percent at a monthly rate) in March. Disposable personal income (DPI)—personal income less personal current taxes—increased $104.0 billion (0.5 percent). Personal outlays—the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments—increased $172.1 billion (0.9 percent) and consumer spending increased $160.9 billion (0.8 percent). Personal saving was $671.0 billion and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.2 percent in March.
First Estimate of 1st Quarter 2024 GDP – Released 4/25/2024 – Real gross domestic product (GDP) increased at an annual rate of 1.6 percent in the first quarter of 2024, according to the “advance” estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2023, real GDP increased 3.4 percent. The increase in real GDP primarily reflected increases in consumer spending, residential fixed investment, nonresidential fixed investment, and state and local government spending that were partly offset by a decrease in private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.
Durable Goods – Released 4/24/2024 – New orders for manufactured durable goods in March, up two consecutive months, increased $7.3 billionor 2.6 percent to $283.4 billion, the U.S. Census Bureau announced today. This followed a 0.7 percent February increase. Excluding transportation, new orders increased 0.2 percent. Excluding defense, new orders increased 2.3 percent. Transportation equipment, also up two consecutive months, led the increase, $6.8 billion or 7.7 percent to $95.9 billion. Shipments of manufactured durable goods in March, down three of the last four months, decreased $0.1 billion or virtually unchanged to $282.4 billion. This followed a 1.2 percent February increase. Transportation equipment, also down three of the last four months, drove the decrease, $0.4 billion or 0.5 percent to $89.4 billion.
New Residential Sales – Released 4/23/2024 – Sales of new single‐family houses in March 2024 were at a seasonally adjusted annual rate of 693,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 8.8 percent (±17.2 percent)* above the revised February rate of 637,000 and is 8.3 percent (±19.5 percent)* above the March 2023 estimate of 640,000. The median sales price of new houses sold in March 2024 was $430,700. The average sales price was $524,800.
Existing Home Sales – Released 4/18/2024 – Existing home sales in March decreased 4.3% from February and fell 3.7% year over year. Existing home sales decreased to 4.19 million in March seasonally adjusted. The median price of existing homes for sale increased to a record high of $393,500.
This week we get data on Existing Home Sales, New Residential Home Sales, and Durable Goods.
Disclaimer
This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any stock, bond, currency or CFD contract.
Some information contained herein has been obtained from third party sources believed to be reliable, but has not been independently verified by us; its accuracy or completeness is not guaranteed. Our commentary is based on information considered to be reliable, but no representation is made that it is accurate or complete, and should not be relied upon as such.
The views expressed represent the opinions and beliefs at the time of this commentary and are not meant as a market forecast. These views are subject to change at any time based on market or other conditions and Good Life Advisors disclaims any responsibility to update such views. This information may not be relied on as advice or as an indication of trading intent on behalf of any portfolio. Portfolio investments may change at any time.
Economic and performance information referenced is historical and past performance does not guarantee future results. References to future returns are not promises or estimates of actual returns we may achieve, and should not be relied upon.
No investment strategy or risk management process can guarantee returns or eliminate risk in any market environment. Investing in securities involves risk of loss. Stock and Bond prices can decline significantly in response to adverse market conditions, company-specific events, and other domestic and international political and economic developments. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future.
While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Weekly Market Update | Week 20, 2024
Key Takeaways
Stock were modestly higher last week, with major indices logging their fourth consecutive week of gains. The Dow, S&P, and Nasdaq also all set fresh all-time closing highs. The S&P is now up 5.3% MTD, on track for its best month of the year and more than erasing April’s monthly decline. That modest gain brought the Dow S&P and Nasdaq the new All-Time closing highs. We took a quick look back at all the 10% or more drawdowns. Only 2021 didn’t have a 10%+ decline. Total price return (without dividends) was 122%
Earnings slowed down last week, with only seven S&P constituents reporting. Overall, the season continues to come in better than expected, with the blended earnings growth rate (after reports from 93% of S&P companies) standing at 5.7%, better than the 3.4% expected at the end of March and on track for its highest since Q2’22. At the same time, the Magnificent Seven names have been big drivers of that performance; stripping out these companies, the S&P 500 is seeing a blended earnings rate of (1.9%) through Friday.
Meme stocks, like Gamestop and AMC were among the week’s most notable gainers after the return of “Roaring Kitty” to social media.
Big tech was mostly higher. Other outperformers included semis, tech hardware, drug stores, autos, staples retailers, biotech, multis, asset managers, homebuilders, software, and China tech. Laggards included machinery, building materials, energy, food-beverage, P&C insurers, and pockets of specialty retail. Treasuries were firmer with the curve flattening in the wake of well-received economic data. Gold was somewhat higher for the week, rising 1.8%. Copper rose 8.4%, posting its best week since March 2022 and ending at a new all-time high. WTI crude settled up 1.7%.
Breaking down the week’s economic releases,April core CPI was in line with the headline a bit softer than expected. Analysts were generally positive on the report, highlighting a slight slowdown in rent inflation (shelter has been one of the stickier components of CPI). The release followed a mixed PPI report, which showed hotter a headline in April while March was revised lower.
April retail sales printed below consensus, and control-group sales declined m/m. Some analysts attributed the weakness to factors including bad weather, slower tax refunds, and building stress on the low-income consumer. The NY Fed’s Empire manufacturing survey moved farther into negative territory, and the similar Philadelphia survey was weaker than forecast. April housing starts missed as well. Initial jobless claims remained slightly elevated near the prior-week level, though there are still thoughts seasonal complications could be at play.
But while the path of least resistance skewed positive this week, bearish concerns are not far to seek. The negative macro surprise momentum that could enable Fed cuts could also be a harbinger of a broad slowdown that could weigh on corporate results. Talk about overbought conditions has reentered the narrative after dissipating in April’s pullback, while this week’s meme-stock rallies brought the word froth back to investors’ lips.
There is still a lot of attention on a weakening consumer impulse and higher delinquency rates, though for the moment these are most prominent among lower-income cohorts. Geopolitical concerns and uncertainty about the November US elections are still simmering away, always with the possibility of rising to a boil.
This week earnings pick up back with 17 S&P components on the calendar, most notable will be NVDA post-close Wednesday. May FOMC meeting minutes will be released on Wednesday. The economic calendar will be fairly mild, featuring April existing-home sales on Wednesday; initial claims, new-home sales, and May PMIs on Thursday; and April durable goods and the final UMich consumer sentiment report for May on Friday.
Fixed Income
Yield Curve
March FOMC Statement January Minutes Credit, Liquidity and Balance Sheet Federal Reserve Dot Plots
Treasury.gov yields FOMC Policy Normalization Statement Longer- Run Goals Jan 2024
Foreign Exchange Market
Energy Complex
The Baker Hughes rig count was up 1 this week. There are 604 oil and gas rigs operating in the US – Down 116 from last year.
Metals Complex
Employment Picture
Weekly Unemployment Claims – Released Thursday 5/16/2024 – In the week ending May 11, the advance figure for seasonally adjusted initial claims was 222,000, a decrease of 10,000 from the previous week’s revised level. The 4-week moving average was 217,750, an increase of 2,500 from the previous week’s revised average.
April Jobs Report – BLS Summary – Released 5/3/2024 – The US Economyadded 175k nonfarm jobs in April and the Unemployment rate increased 0.1% to 3.9%. Average hourly earnings increased 7 cents to $34.75. Hiring highlights include +56k Healthcare, +31k Social Assistance, +22k Transportation and warehousing, and +20k Retail Trade.
Job Openings & Labor Turnover Survey JOLTS – Released 5/1/2024 – The number of job openings changed little at 8.5 million on the last business day of March, the U.S. Bureau of Labor Statistics reported. Over the month the number of hires was little changed while total separations declined to 5.2 million, respectively. Within separations, quits (3.3 million) and discharges (1.5 million) changed little.
Employment Cost Index – Released 4/30/2024 – Compensation costs for civilian workers increased 1.2% for the 3-month period ending in March 2024. Wages and salaries increased 1.1% and benefit costs increased 1.1% from December 2023. The 12-month period ending in March 2024 saw compensation costs increase by 4.2. The 12-month period ending March 2023 increased 4.8%. Wages and salaries increased 4.4 percent over the 12-month period ending in March 2024 and increased 5.0 percent for the 12-month period ending in March 2023. Benefit costs increased 3.7 percent over the 12-month period ending March 2024 and increased 4.5 percent for the 12-month period ending in March 2023. This report is published quarterly.
This Week’s Economic Data
Housing Starts– Released 5/16/2024 – April housing starts came in at 1,360,000, 5.7% above the March estimate but is 0.6% below the April 2023 rate. Building permits were 3.0% below the March rate at $1,485,000 and 2.0% below the April 2023 rate.
Industrial Production and Capacity Utilization – Released 5/16/2024 – Industrial production was little changed in April. Manufacturing decreased 0.3%. Utilities output increased 2.8%. Mining decreased 0.6%. Total industrial production in April was 0.4% lower than its year-earlier level. Capacity utilization decreased to 78.4% in April, a rate that is 1.2% below its long-run average.
Retail Sales – Released 5/15/2024 – Headline retail sales were virtually unchanged in April and are up 3.0% above April 2023.
Consumer Price Index – Released 5/15/2024 – The Consumer Price Index for All Urban Consumers increased 0.3 percent in April on a seasonally adjusted basis, after increasing 0.4 percent in March. Over the last 12 months, the all items index increased 3.4 percent before seasonal adjustment.
Producer Price Index – Released 5/14/2024 – The Producer Price Index for final demand increased more than expected rising 0.5 percent in April, seasonally adjusted. Final demand decreased 0.1 percent in March. On an unadjusted basis, the index for final demand moved up 2.2 percent for the 12 months ended in April.
Recent Economic Data
Consumer Credit– Released 5/7/2024 – Consumer credit increased at a seasonally adjusted annual rate of 1.5 percent in March. Consumer credit increased at a seasonally adjusted annual rate of 3.2 percent during the first quarter. Revolving credit increased at an annual rate of 5.7 percent, while nonrevolving credit increased at an annual rate of 2.2 percent.
PMI Non-Manufacturing Index – Released 5/3/2024 – Economic activity in the services sector contracted in April following 15 consecutive months of expansion. The Services PMI® registered 49.4 percent, 2.0 percentage points lower than March’s reading of 51.4 percent.
U.S. Trade Balance – Released 5/2/2024 – The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced that the goods and services deficit was $69.4 billion in March, down $0.1 billion from $69.5 billion in February. March exports were $257.6 billion, $5.3 billion less than February exports. March imports were $327.0 billion, $5.4 billion less than February imports. The March increase in the goods and services deficit reflected an increase in the goods deficit of $0.8 billion to $92.5 billion and a increase in the services surplus of $0.9 billion to $23.1 billion.
U.S. Construction Spending– Released 5/1/2024 – Construction spending during March 2024 was estimated at a seasonally adjusted annual rate of $2,083.9 billion, 0.2 percent below the revised February estimate of $2,087.8 billion. The March figure is 9.6 percent above the March 2023 estimate of $1,901.4 billion.
PMI Manufacturing Index – Released 5/1/2024 – The April Manufacturing PMI registered 49.2 percent, down 1.1 percent from March. The manufacturing sector contracted in April after one month of expansion and following 16 consecutive months of contraction. The overall economy continued in expansion for the 48th month after one month of contraction in April 2020. The New Orders Index moved back into contraction territory at 49.1 percent, 2.3 percentage points lower than the figure of 51.4 percent recorded in March. The Production Index reading of 51.3 percent is a 3.3-percentage point decrease compared to March’s figure of 54.6 percent.
Chicago PMI – Released 4/30/2024 – Chicago PMI remained in contraction territory in April declining to 37.9 points down from 41.4 points in March. The latest reading indicated that Chicago’s economic activity contracted for the fifth consecutive month in April, and the lowest level since November 2022.
Consumer Confidence – Released 4/30/2024 – Consumer Confidence decreased in April for the third consecutive month. Expectations decreased from 74.0 to 66.4. Consumers’ assessment of the present situation declined in April from 14.8 to 142.9. Confidence retreated further in April, reaching its lowest level since July 2022 as consumers became less positive about the current labor market situation, and more concerned about future business conditions, job availability, and income.
US Light Vehicle Sales– Released 4/26/2024 – U.S. light vehicle sales were at a seasonally adjusted annual rate (SAAR) of 15.576 million units in March.
Personal Income – Released 4/26/2024 – Personal income increased $122.0 billion (0.5 percent at a monthly rate) in March. Disposable personal income (DPI)—personal income less personal current taxes—increased $104.0 billion (0.5 percent). Personal outlays—the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments—increased $172.1 billion (0.9 percent) and consumer spending increased $160.9 billion (0.8 percent). Personal saving was $671.0 billion and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.2 percent in March.
First Estimate of 1st Quarter 2024 GDP – Released 4/25/2024 – Real gross domestic product (GDP) increased at an annual rate of 1.6 percent in the first quarter of 2024, according to the “advance” estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2023, real GDP increased 3.4 percent. The increase in real GDP primarily reflected increases in consumer spending, residential fixed investment, nonresidential fixed investment, and state and local government spending that were partly offset by a decrease in private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.
Durable Goods – Released 4/24/2024 – New orders for manufactured durable goods in March, up two consecutive months, increased $7.3 billionor 2.6 percent to $283.4 billion, the U.S. Census Bureau announced today. This followed a 0.7 percent February increase. Excluding transportation, new orders increased 0.2 percent. Excluding defense, new orders increased 2.3 percent. Transportation equipment, also up two consecutive months, led the increase, $6.8 billion or 7.7 percent to $95.9 billion. Shipments of manufactured durable goods in March, down three of the last four months, decreased $0.1 billion or virtually unchanged to $282.4 billion. This followed a 1.2 percent February increase. Transportation equipment, also down three of the last four months, drove the decrease, $0.4 billion or 0.5 percent to $89.4 billion.
New Residential Sales – Released 4/23/2024 – Sales of new single‐family houses in March 2024 were at a seasonally adjusted annual rate of 693,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
This is 8.8 percent (±17.2 percent)* above the revised February rate of 637,000 and is 8.3 percent (±19.5 percent)* above the March 2023 estimate of 640,000. The median sales price of new houses sold in March 2024 was $430,700. The average sales price was $524,800.
Existing Home Sales – Released 4/18/2024 – Existing home sales in March decreased 4.3% from February and fell 3.7% year over year. Existing home sales decreased to 4.19 million in March seasonally adjusted. The median price of existing homes for sale increased to a record high of $393,500.
This week we get data on Existing Home Sales, New Residential Home Sales, and Durable Goods.
Disclaimer
This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any stock, bond, currency or CFD contract.
Some information contained herein has been obtained from third party sources believed to be reliable, but has not been independently verified by us; its accuracy or completeness is not guaranteed. Our commentary is based on information considered to be reliable, but no representation is made that it is accurate or complete, and should not be relied upon as such.
The views expressed represent the opinions and beliefs at the time of this commentary and are not meant as a market forecast. These views are subject to change at any time based on market or other conditions and Good Life Advisors disclaims any responsibility to update such views. This information may not be relied on as advice or as an indication of trading intent on behalf of any portfolio. Portfolio investments may change at any time.
Economic and performance information referenced is historical and past performance does not guarantee future results. References to future returns are not promises or estimates of actual returns we may achieve, and should not be relied upon.
No investment strategy or risk management process can guarantee returns or eliminate risk in any market environment. Investing in securities involves risk of loss. Stock and Bond prices can decline significantly in response to adverse market conditions, company-specific events, and other domestic and international political and economic developments. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future.
While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Data Sources:
Conference Board Economic Indicators Bureau of Economic Analysis (BEA) Congressional Budget Office (CBO) U.S. Bureau of Labor Statistics (BLS) Federal Reserve Economic Data (FRED Charts)
CME Fed Watch U.S. Treasury – Yields U.S. Census Bureau Institute for Supply Management (ISM) Weekly DOL Employment Data BLS Monthly Jobs Report JOLTS All capital in one visualization 2020
US Energy Admn (EIA) BLS Consumer Price Index CPI BLS Producer Price Index PPIAtlanta Fed GDPNOW NY Fed Nowcast GDP US Census Bureau Housing Starts U.S. Energy Admn
Consumer Credit USCB Retail Sales Construction Spending Federal Reserve Dot Plots 2017 NY Empire Index Philadelphia Federal Reserve P/E Ratio Data -Yardeni Research
Technical Analysis Info: Koyfin.com StockCharts.com – Financial Charts Exponential vs Simple Moving Average
Other links: 1973 Arab Oil Embargo Hunt Brothers Silver Asian Contagion Long-Term Capital bailout
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