Succinct Summations for the week ending May 29th, 2020.

Positives:

1. Markets stabilize on hopes for a vaccine/treatment;
2. Personal income rose 10.5% in April, above the expected decrease of 6.0%.
3. Home mortgage apps rose 9.0% w/o/w, above the previous increase of 6.0%. .
4. Consumer confidence came in at 86.6 for May, above the previous 85.7.
5. New home sales came in at 623k for April, above the expected 495k.
6. State Street Investor Confidence Index came in at 73.3 for May, above expected 70.0.
7. Wholesale inventories rose 0.4% m/o/m, above the expected decrease of 1.5%.

Negatives:

1. Riots, Protests, Social Unrest lead to sense of country lacking in leadership;
2. Jobless claims fell from 2.446M to 2.123M w/o/w, above expectations.
3. Second estimate for Q1 GDP came in at -5.0%, below expectations.
4. Consumer spending fell 13.6% m/o/m, below expectations.
5. Corporate profits fell 11.1% y/o/y, below prior increase.
6. International trade deficit came in at $-69.7B for April, below the expected $-64.7.
7. Durable goods orders fell 17.2% m/o/m, below expectations.

Thanks, Matt

 

 

The post Succinct Summation of Week’s Events for 5.29.20 appeared first on The Big Picture.



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