Succinct Summations for the week ending July 3rd, 2020.
1. Second half begins on positive note, with Markets gaining for the week. 2. Nonfarm payrolls rose 4.8M m/o/m, above expectations. 3. Unemployment rate fell to 11.1% in June, down from last month. 4. Private payrolls rose 4.767M m/o/m, above expectations. 5. Pending home sales rose 44.3% m/o/m, above expectations. 6. PMI Mfg Index came in at 49.8, ISM Mfg Index came in at 52.6 for June, above last month. 7. Consumer confidence came in at 98.1 for June, above expectations.
1. An incompetent nation: Daily new cases of Covid-19 infections surge past 50,000 to a new record. 2. EU bans travelers from America as a precaution against new wave of infections. 3. Jobless claims came in at 1.427M for the week, above expectations. 4. Home mortgage apps fell 1.0% w/o/w after previous decrease of 3.0%. 5. International trade deficit widened to $-54.6B. 6. Construction spending fell 2.1% m/o/m, below expectations. 7. Factory orders rose 8.0% m/o/m, below expectations.