Rover's Weekly Market Brief - 06/17/2022


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How to Research a Stock in Stock Rover – Part III

This is the third of a three-part blog series designed to show you how to effectively use Stock Rover to research a stock. Part III does a deep dive into the Charting facility, using Microsoft (MSFT) as our example company. We examine Microsoft’s price performance attributes using price, valuation, and technical charts.


The Labor Department reported that the producer price index for final demand increased by a seasonally adjusted 0.8% in May after climbing 0.4 % in April and 1.6% in March. On an unadjusted basis, the PPI is up 10.8% for the 12-month period ending in May, down slightly from April’s revised 10.9%. A primary contributor to the rise in the final demand index was a 1.4% increase for final demand goods, this is the fifth consecutive monthly increase.  A 5.0% increase in the index for final demand energy accounted for 70% of the increase in the final demand goods index.  Prices of jet fuel (+12.0%), gasoline (+8.4%), residential natural gas (+6.2%), and diesel fuel (+2.7%) all contributed. Prices for final demand services climbed 0.4%, following a 0.2% drop in May. Over half of the broad-based advance is attributable to a 2.9% increase in prices for final demand transportation and warehousing services. The producer-price index excluding food and energy rose 0.5% from a month earlier and follows a 0.2% increase in April.  On an unadjusted basis, the PPI excluding food and energy is up 8.3% for the 12-month period ending in May.

The Commerce Department reported advance U.S. retail and food services sales decreased 0.3% to $672.9B in May, this follows a downwardly revised 0.7% increase for April and is the first drop in 5 months. Retail sales are up 8.1% year over year, much of the increase is due to higher prices. Total sales for March 2022 through May 2022 were up 7.7% year over year. Much of the decrease in May retail sales was attributable to a drop in spending on autos and parts (-3.5%).  Excluding auto sales, retail sales in May were up 0.5% from April. Miscellaneous stores (-1.1%), nonstore retailers (-1.0%), and electronics & appliances (-1.3%) all saw decreases. Increases in gasoline (+4.0%), food and beverage (+1.2%), and sporting goods (+0.4%) were not enough to offset the decreases.  When sales for gas stations and autos are excluded, retail sales increased 0.1%. Core retail sales, a measurement that excludes spending on autos, gasoline, building materials, and food services were unchanged from April. April’s core retail sales were revised down to show sales increasing 0.5% instead of 1.0%.

The U.S. Census Bureau reported new residential building permits were down 7.0% in May to a seasonally adjusted 1.695M. Data for April was upwardly revised to 1.810M from 1.724M units. New residential building permits are running 0.2% above the May 2021 level. Single-family permits were down 5.5% from April’s revised 1.128M, while multifamily permits dropped 10.0% to 592K. Building permits dropped across all regions with the Northeast tumbling (-20.2%) followed by the Midwest (-7.6%), West (-7.1%), and South (-4.7%).  Housing starts fell for the second month in a row, dropping 14.4% to a seasonally adjusted annual rate of 1.549M units, the lowest level since April 2021. Single-family housing starts, which account for the majority share of homebuilding, fell 9.2% to a rate of 1.051M units. Starts for housing projects with five units or more plunged 26.8% to a rate of 469K units. Single-family housing completions came in at 1.043M, 2.8% above April’s reading. Multifamily completions were up 33.2% to 417K. The number of houses approved for construction but not yet started increased 0.7% to 283K units, with the backlog for single-family housing remaining unchanged at 152K.

Upcoming Economic Reports:

Tuesday June 21 – Existing Home Sales (May)

Friday June 24 – New Home Sales (May)

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