Author: Zac Martin, Investment Associate
Week Ending July 19th – Flightless Falcons
- Retail Sales for June beat analyst expectations by 0.2%, essentially flat for the month. Motor vehicles and Gas Stations saw the largest decline, partially offset by an increase in building supplies and nonretailers.
- Housing Permits & Starts for June saw a surprising increase to 1,446K and 1,353K, respectively. Housing Permits & Starts remain below 2021 highs but continue to stabilize.
- Leading Economic Indicators Index remains in contractionary territory; however, this recent move lower has been smaller than the last three months. On the other hand, the year over year rate is slowing, which is positive.
- Earnings: Credit Cards have signaled that spending remains strong; Discover reported credit delinquencies are down quarter to quarter. On the industrial side, J.B. Hunt continues to see decreases in shipping volumes, while warehousing demand (Prologis) remains subdued but improving. Airlines however are seeing decreased demand paired with higher expenses.
The week ahead:
- Markit PMIs (7/24)
- GDP Q2 First Preliminary (7/25)
- Personal Consumption Expenditures (7/26)
- Earnings: NXPI, NUE, CDNS (7/22), GE, UPS, KO, CB, GOOG, TSLA, V (7/23), T, TMO, BSX, GD, ODFL, FI, NEE, KLAC, NOW, F, CMG (7/24), CARR, ABBV, HON, LUV, NOC, TSCO, KDP, UNP, DLR, BKR (7/25)
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