Rover's Weekly Market Brief — 6/28/2019

Indices

DJIA: 26,600.00 (-0.45%)

NASDAQ: 8,006.00 (-0.32%)

S&P 500: 2,942.00 (-0.27%)

Commodities

Gold: 1,415.40 (+1.09%)

Copper: 271.35 (+0.33%)

Crude Oil: 59.38 (+3.40%)

New Additions to the Library – Part II

We have posted the second of the two blog posts on the new and exciting additions to the Stock Rover library. The first post covered the new Screeners and Portfolios we added. Our latest post covers the new Watchlists and Views.

Economy

A steep -35.9% drop in new home sales in the West and a smaller -17.6% drop in the Northeast overshadowed sales increases in the South (+4.9%) and the Midwest (+6.3%) to lower new home sales by -7.8% in May to a seasonally adjusted annual rate of 626,000. On a yearly basis sales were down -3.7% with inventory of homes available for sale at the end of May increasing 10.3% to 333,000, or 6.4 months at the current rate of sales. The median sale price was $308,000, down -2.7% Y/Y, with 36% of the market priced in the $200,000 – $299,999 range, up from the 30% market share average for 2017 and 2018.

Consumer spending was revised downward to 0.9% in the third estimate of Q1 2019 GDP from 1.3% in the second estimate, but GDP remained at 3.1% thanks to upward revisions to nonresidential fixed investment (from 2.3% to 4.4%), residential fixed investment (from -3.5% contraction to -2.0% contraction), and government purchases (from 2.5% to 2.8%). Positive contributions to GDP also came from upward revisions to exports (from 4.8% to 5.4%), and downward revisions to imports (from 2.5% to 1.9%). Corporate profits for Q1 were at a $1.942 trillion annual rate, revised upwards to a 2.3% gain from an initial from 1.6% estimate, with after-tax inventory valuation and consumption adjusted profits at $2.012 trillion (+2.4%).

Personal income rose +0.5% in May, matching April’s upwardly revised +0.5% increase, and after tax, inflation adjusted income rose at a +0.3% rate vs +0.1% in April. Gains in personal income were centered on proprietor’s income (+0.8%) and interest/dividend income (+1.6%), while employee compensation rose only +0.2%. Spending on durable goods rose +1.7%, balancing out a -0.1% contraction in nondurable goods spending to bring overall goods spending to +0.5%, with a +0.4% increase in services spending limiting overall consumer expenditures to a +0.4% gain. Inflation rose +0.2% for the month and dropped -0.1% to 1.5% for the year, but core inflation, which excludes food and energy prices, remained steady at +1.6%.

Upcoming Economic Reports:

Wednesday July 3 – International Trade

Friday July 5 – Employment Situation

Earnings Calendar:

 

Monday Tuesday Wednesday Thursday Friday
Edison
Nation
(EDNT)
Acuity
Brands
(AYI)
International
Speedway
(ISCA)
Chase
(CCF)
Pure
Cycle
(PCYO)
Houston
American Energy
(HUSA)
Simply
Good Foods
(SMPL)
Jerash
Holdings (US)
(JRSH)
BeyondSpring
(BYSI)
Alkaline
Water Co
(WTER)




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