Succinct Summations for Week Ending 9.29.17

Succinct Summations for the week ending September 29th, 2017

Positives:

1. S&P 500, Dow Jones Industrial Average, and Russell 2000 all made new all-time highs.
2. Real GDP rose 3.1% in the third quarter, with consumer spending rising 3.3%.
3. Corporate profits rose 7.4% y/o/y.
4. S&P Case-Shiller home price index rose 0.3% m/o/m and 5.8% y/o/y.
5. Consumer confidence remains high, coming in at 119.8, slightly below the 120.2 expected.
6. Headline durable good orders rose 1.7% m/o/m, with the core rising 0.9%.
7. Chicago PMI rose from 58.9 to 65.2, above the 58.5 expected.

Negatives:

1. Pending home sales fell 2.6% m/o/m.
2. Personal income rose 0.2% m/o/m, in line with expectations. The prior month was revised down from 0.4% to 0.3%.
3. Jobless claims rose from 259k to 272, with the 4-week average rising to 277.75k.
4. New home sales fell from a 571k annualized rate to 560k, below the 583k expected.
5. Chicago Fed national activity index fell to -0.31 in August, the weakest reading in a year.
6. MBA mortgage applications fell 0.5% w/o/w, with refinances falling 4%.

 

Thanks, Mike!

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