Succinct Summations for the week ending September 27th, 2019
Positives:
1. Impeachment is finally here, and markets are n0w that much closer to resolving that uncertainty . . .
2. GDP rose 2.0% according to the third estimate for Q2.
3. New home sales rose to an annual rate of 713k in August, above previous 666k.
4. Pending home sales rose 1.6% m/o/m, above the expected increase of 0.6%.
5. New orders for durable goods rose 0.2% m/o/m, above the previous decrease of 1.2%.
6. Wholesale inventories rose 0.4% w/o/w, above the previous increase of 0.2%.
7. FHFA House Price Index rose 0.4% m/o/m, above the expected increase of 0.2%.
8. PMI Composite came in at 51.0 for September, within the range of expectations.
Negatives:
1. IPOs continue to struggle, as WeWork gets postponed and Peleton comes out below IPO price.
2. Same store sales rose 5.2% w/o/w, decelerating from the previous increase of 5.4%.
3. Corporate profits rose 0.3%, below the previous increase of 1.7%.
4. Retail inventories remain unchanged after the previous increase of 0.8%.
5. Consumer spending rose 0.1% in August, below the previous increase of 0.5%.
6. Consumer confidence fell from 135.1 to 125.1 m/o/m, below the expected 133.0.
7. Jobless claims rose 3k w/o/w from 210k to 213k.
8. Home mortgage app fell 3.0% w/o/w after the previous increase of 6.0%
Thanks, Matt!
