Succinct Summations for the week ending July 31st, 2020:
Positives:
1. Earnings from Big Tech Companies continue to impress, as markets power higher for the week.
2. Consumer spending rose 5.6% m/o/m.
3. Pending home sales rose 16.6% m/o/m, above expectations.
4. Durable goods orders rose 7.3% m/o/m, above expectations.
5. International trade in goods deficit narrowed to $-70.6B in June.
6. Retail inventories fell 2.6% m/o/m.
Negatives:
1. US Death count surpasses 150,000, as California, Florida and Texas vault past New York for the dubious distinction of having the most cases per state.
2. US GDP fell 32.9% in Q2, worst in US History.
3. Jobless claims came in at 1.434M for the week, above expectations.
4. Home mortgage apps fell 2.0% w/o/w.
5. Consumer confidence came in at 92.6 for July, below expectations.
6. Wholesale inventories fell 2.0% m/o/m, below expectations.
Thanks, Matt!
