Succinct Summations for the week ending July 31st, 2020:
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.
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.