Succinct Summations for the slow Summer week ending July 24th
Positives:
1. Weekly jobless claims came in at 255k, the lowest reading since 1973!
2. Existing home sales rose 3.2% in June to an annualized rate of 5.49mm, the fastest pace in more than eight years.
3. Mortgage applications rose 1% w/o/w.
4. Amazon turns a profit! Shares were up double-digits.
Negatives:
1.Refinance applications fell 0.5% w/o/w.
2. Pending home sales came in at 482k, below the 548k expected.
3. Apple, despite growing revenue at 33% and earnings up 45%, did not meet shareholders’ expectations, finishing down nearly 4% on the week.
