Succinct Summations for the week ending December 25th, 2020
Positives:
1. Covid-19 shots go to 3.3 million people, >1.2 million Americans
2. President’s attempt at overturning election fails (a win nonetheless).
3. Home refinance apps rose 4% w/o/w, above previous increase of 1%.
4. Jobless claims fell 89k w/o/w from 892k to 803k.
5. FHFA House price index rose 1.5% w/o/w, above expectations.
6. Durable goods orders rose 0.9% w/o/w, above expectations.
Negatives:
1. President Chaos vetoes Covid relief bill.
2. Terrible pandemic week: >210,000 cases, >3,000 deaths daily.
3. Corporate profits rose 10.3% y/o/y, below the previous increase of 10.7%.
4. Existing home sales annual rate of 6.690M, below expectations.
5. Home mortgage apps fell 5.0% w/o/w, below previous increase of 2.0%.
6. New home sales came in at an annual rate of 841k, below expectations.
Thanks, Matt!
Flat market week heading into Holidays
