Succinct Summations for the week ending May 29th, 2020.
Positives:
1. Markets stabilize on hopes for a vaccine/treatment;
2. Personal income rose 10.5% in April, above expectations.
3. Home mortgage apps rose 9.0% w/o/w;
4. Consumer confidence came in at 86.6 for May;
5. New home sales came in at 623k for April, above the expected 495k.
6. State Street Investor Confidence Index came in at 73.3 for May, above expectations;
7. Wholesale inventories rose 0.4% m/o/m, above expectations.
Negatives:
1. Riots, Protests, Social Unrest lead to sense of country lacking in leadership;
2. Jobless claims fell from 2.446M to 2.123M w/o/w, above expectations.
3. Second estimate for Q1 GDP came in at -5.0%, below expectations.
4. Consumer spending fell 13.6% m/o/m, below expectations.
5. Corporate profits fell 11.1% y/o/y, below prior increase.
6. International trade deficit came in at $-69.7B for April, below the expected $-64.7.
7. Durable goods orders fell 17.2% m/o/m, below expectations.
Thanks, Matt
