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May Pending Home Sales were down 2.7% month-over-month (consensus -0.8%) following a downwardly revised 0.4% decline (from 0.0%) in April.
The financials sector (+1.3%) is out front, getting an added boost from a relief trade that has followed the news that all 23 banks passed the Federal Reserve’s annual stress test.
The SPDR S&P Bank ETF (KBE) is up 2.0% and the SPDR S&P Regional Banking ETF (KRE) is up 2.4%.
semiconductors are a pocket of relative weakness.
The Philadelphia Semiconductor Index is down 0.3%. Micron (MU 63.84, -3.23, -4.8%), which had been up more than 3.0% in pre-market trading, has run into a wall of selling interest. It is down 4.4%, sliding below its 50-day moving average (65.03) and standing out as the worst-performing S&P 500 component, after its better-than-expected fiscal Q3 report and indication that it is confident an industry bottom has already formed.
Treasuries have not responded well to this morning’s data.
The 2-yr note yield is up 15 basis points to 4.87%, hurt by the specter of the Fed staying on a tightening path, and the 10-yr note yield is up 13 basis points to 3.84%, sensing that the effort to get inflation back down to 2.0% is going to be a difficult one.
Yesterday, Fed Chair Powell said he doesn’t think core inflation will be back to 2.0% until 2025.
The CME FedWatch Tool shows an 89.3% probability of a 25-basis points rate hike to 5.25-5.50% at the July FOMC meeting, versus 81.8% yesterday. Notably, though, there has been an uptick in expectations for another rate hike at the September FOMC meeting. It is still not the expected outcome, yet the probability of a second rate hike has risen to 25.0% from 16.4%.
and from world of BASEBALL … a rare 24th perfect game in MLB history
Here is a link to my FAV player in recent years
he is a natural to be among the hitters & pitchers in league history
Back in Mark McGuire days – I would check daily & tune into St.Louis radio coverage in year he hit 70
and likewise below is also great site for stats on any player in MLB history 🙂https://www.baseball-reference.com/players/o/ohtansh01.shtml
Dow 34,122.42 269.76 0.80%
S&P 500 4,396.44 19.58 0.45%
Nasdaq 13,591.33 -0.42 -0.00%
VIX 13.54 0.11 0.82%
Gold 1,915.80 -6.40 -0.33%
Oil 69.81 0.25 0.36%Equity indices in the Asia-Pacific region ended ended the week on a mostly higher note.
Japan’s Nikkei: -0.1% (+1.2% for the week),
Hong Kong’s Hang Seng: -0.1% (+0.1% for the week),
China’s Shanghai Composite: +0.6% (+0.1% for the week),
India’s Sensex: +1.3% (+2.8% for the week),
South Korea’s Kospi: +0.6% (-0.2% for the week),
Australia’s ASX All Ordinaries: +0.2% (+1.6% for the week).China’s Manufacturing PMI remained in contractionary territory for the third consecutive month in the reading for June.
China’s June Manufacturing PMI 49.0, as expected (last 48.8) and Non-Manufacturing PMI 53.2 (expected 53.7; last 54.5)China Securities Journal speculated that more measures will be introduced to support the property market.
Japan’s June CPI 2.3% yr/yr (last 2.4%). June Tokyo CPI 3.1% yr/yr (expected 3.8%; last 3.2%) and Tokyo Core CPI 3.2% yr/yr (expected 3.3%; last 3.2%).
May Industrial Production -1.6% m/m (expected -1.0%; last 0.7%),
May Unemployment Rate 2.6%, as expected (last 2.6%)
May jobs/applications ratio 1.31 (expected 1.32; last 1.32).
May Housing Starts 3.5% yr/yr (expected -2.2%; last -11.9%)
Construction Orders 4.2% yr/yr (expected 7.0%; last 16.2%)South Korea’s May Industrial Production 3.2% m/m (expected 2.1%; last -0.6%); -7.3% yr/yr (expected -7.7%; last -9.0%). May Retail Sales 0.4% m/m (expected -0.6%; last -2.6%) and May Service Sector Output -0.1% m/m (expected 0.1%; last -0.5%)
Major European indices trade in positive territory.
STOXX Europe 600: +1.1% (+1.8% for the week),
Germany’s DAX: +1.2% (+1.9% for the week),
U.K.’s FTSE 100: +0.7% (+0.8% for the week),
France’s CAC 40: +1.0% (+3.1% for the week),
Italy’s FTSE MIB: +1.1% (+3.8% for the week),
Spain’s IBEX 35: +1.1% (+3.7% for the week).Eurozone’s CPI decelerated to 5.5% yr/yr from 6.1% in the flash reading for June, but the core CPI growth rate ticked
up to 5.4% from 5.3%.Eurozone’s June CPI 0.3% m/m (expected 0.0%; last 0.0%); 5.5% yr/yr (expected 5.6%; last 6.1%).
May Core CPI 0.3% m/m (expected 0.7%; last 0.2%); 5.4% yr/yr (expected 5.5%; last 5.3%).
May Unemployment Rate 6.5%, as expected (last 6.5%)Germany’s June Unemployment Change 28,000 (expected 13,000; last 9,000) and June Unemployment Rate 5.7% (expected 5.6%; last 5.6%).
May Retail Sales 0.4% m/m (expected 0.0%; last 0.7%); -3.6% yr/yr (expected -4.3%; last -4.3%).
May Import Price Index -1.4% m/m, as expected (last -1.7%); -9.1% yr/yr, as expected (last -7.0%)The U.K. avoided a Q1 contraction by a narrow margin
U.K.’s Q1 GDP 0.1% qtr/qtr, as expected (last 0.1%); 0.2% yr/yr, as expected (last 0.6%).
Q1 Business Investment 3.3% qtr/qtr (expected 0.7%; last -0.2%); 5.8% yr/yr (expected 3.2%; last 10.8%).
June Nationwide HPI 0.1% m/m (expected -0.3%; last -0.1%); -3.5% yr/yr (expected -4.0%; last -3.4%)France’s June CPI 0.2% m/m, as expected (last -0.1%); 4.5% yr/yr (expected 4.6%; last 5.1%). May PPI -1.4% m/m (expected -2.3%; last -5.2%) and May Consumer Spending 0.5% m/m, as expected (last -0.8%)
French Prime Minister Borne said that all options will be considered to put a stop to riots that continued into the third consecutive night.
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