Succinct Summations for the week ending July 10th, 2020.
1. Despite terrible news flow, Markets stabilize, recover. 2. Home mortgage apps rose 5.0% w/o/w, above the expected decrease of 1.0%. 3. Jobless claims fell 99k w/o/w from 1.413M to 1.314M. 4. Job openings rose from 4.996M to 5.397M in May, above the expected 4.900M. 5. PMI Services Index came in at 47.9 for June, above the expected 46.7.
1. Record daily Covid-19 infections and rising death toll spread across the US Sunbelt due to incompetent state and national leadership on re-opening; 2. Wholesale trade fell 1.2% m/o/m, below the previous increase of 0.2%. 3. Consumer credit fell $18.2B m/o/m, meeting expectations. 4. PPI-FD fell 0.2% w/o/w, below the expected increase of 0.4%. 5. Same store sales fell 6.9% w/o/w, below the previous decrease of 5.7%.