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Market Brief – Friday 7/29/22

Stocks rose in overnight trading as investors cheered tech earnings and the hopeful end of a very short recession. Treasury yields rose in overnight trading as investors believe higher interest rates are here to stay. The Personal Consumption Expenditures Price Index, the Fed’s preferred gauge of inflation, rose +1.0% in June and +6.8% from this … Read more

Market Brief – Thursday 7/28/22

Stocks started the day a bit lower and Treasury yields a bit higher after global investors take a breath from yesterday’s big moves. Initial unemployment claims fell -5k last week to +256k. Total claims surged by +123.4k last week to 1.476 million indicating unemployed workers are struggling to find new jobs. Preliminary second-quarter GDP Growth … Read more

Market Brief – Wednesday 7/27/22

Stocks rallied in overnight trading following Google’s earnings report which sent its stock higher. Treasury yields fell slightly ahead of today’s FOMC policy statement. Mortgage applications fell -1.8% with both purchase and refinance applications falling. Durable goods new orders rose +1.9%, excluding food and energy, core durable goods new orders rose +0.3%, durables excluding defense … Read more

Market Brief – Tuesday 7/26/22

Stocks started the day lower after Walmart disappointed investors and projected things are likely to get worse. Treasury yields fell in overnight trading as the FOMC begins its two-day policy meeting. Home prices rose +1.4% in May and +18.3% from this time last year. The S&P/CS HIS Composite, which also tracks home prices, rose +1.5% … Read more

Market Brief – Monday 7/25/22

Stocks fell slightly and Treasury yields rallied in overnight trading as investors continue to bet that inflation will lead to a surge in interest rates. The Chicago Fed National Activity Index (CNFAI) was unchanged for July at -0.19 after being revised lower to -0.19 for the prior month indicating the national economy is expanding at … Read more

Market Brief – Friday 7/22/22

Stocks rose slightly in overnight trading and Treasury yields tumbled in overnight trading. The preliminary Market Manufacturing PMI expanded at a slightly slower rate in July to 52.3 from 52.7 last month. The preliminary Market Services PMI expanded at a slightly slower rate in July to 47.0 from 52.7 last month. The S&P Global Composite … Read more

Market Brief – Thursday 7/21/22

Stocks fell slightly in overnight trading as investors shrugged off the ECB raising policy rates to zero percent. Treasury yields fell in overnight trading after initially ralling following the ECB’s announcement. Initial claims rose +7k last week to 251k as more Americans are losing their jobs. Total claims, however, fell -47k last week to 1.353 … Read more

Market Brief – Wednesday 7/20/22

Stocks started the day slightly lower and Treasury yields started the day lower. Mortgage applications fell -6.3% as both purchase and refinance applications fell. Existing home sales fell -5.4% in June to 5.12 million homes. The Department of Energy reported crude oil inventories as Crude: -446k (+1.357mm expected), Cushing: +1.143mm, Gasoline: +3.498mm (+71k expected), and … Read more

Market Brief – Tuesday 7/19/22

Stocks and Treasury rose again in overnight trading in a repeat of yesterday as overnight traders are hoping for a better outcome today. Building permits fell -0.6% in June to 1.685 million permits. Housing starts fell -2.0% in June to 1.559 million units. Stocks rallied big to close strongly higher and Treasury yields rose to … Read more

Market Brief – Monday 7/18/22

Stocks rose in overnight trading as investors are buying into deeply oversold levels in hopes of a big rally in stocks. Treasury yields rose in premarket trading as investors continue to bet on higher interest rates. The NAHB Housing Market Index fell to 55 in July from 67 last month as demand for housing continues … Read more