Succinct Summations for the week ending May 26th, 2017.
Positives:
1. U.S. stocks made new highs after shrugging off last’s week worst day in eight months.
2. Q1 real GDP rose 1.2% Q/O/Q, up from the 0.7% initial estimate.
3. Corporate taxes rose 12% y/o/y.
4. Jobless claims remain low, at 234k. The 4-week average fell to 235.25k.
5. MBA mortgage applications rose 4.4%; Refinances rose 11% (highest level since March).
6. PMI Composite flash rose from 52.7 to 53.9. Services PMI rose to 54 with new orders hitting their highest level of the year.y/o/y.
Negatives:
1. Existing home sales fell 2.3% m/o/m to an 5.57M SAAR.
2. Durable goods fell 0.7% in April. Core capital goods came in flat m/o/m.
3. The volatile new home sales report showed an 11.4% drop, from 621k previously down to 569k.
Thanks, Mike!
