Rover's Weekly Market Brief - 07/01/2022

Indices

DJIA: 31,097.50 (-1.28%)

NASDAQ: 11,127.80 (-4.13%)

S&P 500: 3,825.36 (-2.21%)

Commodities

Gold: 1,807.20 (-1.26%)

Copper: 361.90 (-3.25%)

Crude Oil: 108.41 (+0.73%)

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Economy

The U.S. Census Bureau reported that new orders for manufactured durable goods increased 0.7% to a seasonally adjusted $267.2 billion in May. The increase, up seven of the last eight months, follows a downwardly revised +0.4% in April, which was originally reported as a +0.5% reading. A primary contributor to the increase was transportation equipment, up two consecutive months, at +0.8% to $87.6B. On a year-over-year basis, new orders for manufactured durable goods grew 10.9%. Ex-defense orders rose 0.6% month over month, while ex-transportation orders rose 0.7%. Core capital goods orders, which exclude the volatile aircraft and defense orders increased by 0.5%, this followed a 0.3% increase in April. Contributing factors to capital goods orders were increases in orders for primary metals, communications equipment, and machinery. Core durable goods shipments increased 1.6% in May, up from a 0.8% reading in April, and are up 12.3% year over year. Total durable-goods orders are up 11.4% from a year ago.

The National Association of Realtors’ (NAR) Pending Home Sales Index, which tracks the number of homes that are under contract to be sold reported up a slight 0.7% in May to 99.9, stemming six consecutive months of declines. Last month, pending home sales, dropped by 3.9%. “Despite the small gain in pending sales from the prior month, the housing market is clearly undergoing a transition,” said NAR Chief Economist Lawrence Yun. “Contract signings are down sizably from a year ago because of much higher mortgage rates.” Month over month pending home sales were mixed with the Northeast (+15.4%) and South (+0.2%) in the positive, and the Midwest (-1,7%) and West (-5.0%) in the negative. Home-buying activity is still quite sluggish as the year over year pending sales figures are down 13.6%. Year over year pending home sales are down in all regions – Northeast (-11.9%), South (-13.8%), Midwest (-8.8%), and West (-19.8%).

The US Bureau of Economic Analysis reported that the PCE (personal consumption expenditures) price index rose 0.5% in May, as the annual inflation rate remained at 6.3%. PCE inflation remains below March’s 40-year high of 6.6%. While personal income increased 0.5% (+$113.4 B), overall personal spending rose 0.2% (+$32.7B). Spending on goods fell 0.7% (-$43.5B), but the bigger services category saw a 0.7% increase (+$76.2B). Spending for April was revised downward to a 0.6% gain from an initially reported 0.9% increase. Energy prices increased at an annual rate of 35.8% while food prices increased 11.0%. The Core PCE Price Index which strips out food and energy and is the Federal Reserve’s preferred gauge for inflation climbed 0.3% increase in May, increasing 4.7% for the 12 months ending in May, decelerating slightly from the 4.9% reported in April, and the 40-year high of 5.2% reported in March.

Upcoming Economic Reports:

Wednesday July 6 – JOLTs Job Openings (May)

Friday July 8 – Unemployment Rate (June)

Earnings Calendar:

 

Monday Tuesday Wednesday Thursday Friday
Siemens
Healthineers
(SEMHF)
Frequency
Electronics
(FEIM)
Computer
Services
(CSVI)
Hellen of
Troy
(HELE)
YASKAWA
Electric
(YASKY)
Quadient
(NPACF)
Porsche
Automobil Holding
(POAHY)
Simulations
Plus
(SLP)
Levi Strauss
(LEVI)
Pure Cycle
(PCYO)



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