Succinct Summations of Week’s Events 6.22.18

Succinct Summations for the week ending June 22nd, 2018

Positives:

1. Jobless claims came in at 218k, beating the expected 220k.
2. Same store sales rose 4.7% w/o/w, up .4% from previous week.
3. MBA mortgage applications rose 4% w/o/w, up from previous 2% decline.
4. Housing starts rose to 1.350M in May, up 5% from previous 1.278M.
5. Current account shows a trade deficit of -124.1 B for the first quarter, up from previous reading of -128.2B.

Negatives:

1. Dow Jones Industrial Average dropped 509.59 points, or 2%, to 24,580.89 last week, as trade tensions escalated;
2. Existing home sales fell from 5.460M to 5.430M in month of May.
3. Leading indicators index rose .2% m/o/m, down from previous 4% rise.
4. The housing market index fell 2 points in June from 70 to 68.
5. Philadelphia Fed business outlook survey fell 14.5 points in June, from 34.4 to 19.9, but only because I was there

 

Thanks, Matt!

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