Succinct Summations for the week ending May 26th, 2017.
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.
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.