Succinct Summation of Week’s Events 6.28.19 (plus The Wizard of Grand Rapids)

Once again I submit below the usual Sunday night weekly summation, the main positive being that the markets recovered most of the early week losses and ended June with some of its highest numbers ever. The biggest negative, as usual, is that the trade war optimism continues to fade as victory appears not so easy anymore. The bonus this Sunday is a Michigan based podcast from Roben Farzad, dubbed "The Wizard of Grand Rapids" and who has found a place among a handful of podcasts that Barry Ritholtz in his Big Picture blog consider worthy of following.  Hope everyone had a great weekend. 

Succinct Summation of Week’s Events 6.28.19

June 28, 2019 5:30pm by Barry Ritholtz

Succinct Summations for the week ending June 28th, 2019

Positives:

1. Markets recover most of their early week sell off to finish nearly flat;
2. Corporate profits rose 2.3% y/o/y, higher than the previous 1.6%.
3. GDP growth for Q1 (3rd read) came in unchanged at 3.1%.
4. Home mortgage purchase apps are up 9.0% y/o/y despite falling 1.0% w/o/w.
5. FHFA house price index rose 0.4% m/o/m, beating the expected increase of 0.2%; Pending home sales rose 1.1% m/o/m, beating the expected increase of 0.6%.
6. Retail inventories rose 0.5% and wholesale inventories rose 0.4% m/o/m as expected.

Negatives:

1. Trade Wars turn out to not be not so easy to win, still upsetting partners, consumers + markets.
2. Jobless claims rose 10k w/o/w from 217k to 227k, higher than the expected 218k.
3. New home sales fell 53k in May from 679k to 626k, lower than the expected 680k.
4. Real consumer spending rose 0.9% q/o/q, lower than the expected increase 1.3%; Durable goods orders fell 1.3% m/o/m, lower than the expected decrease of 0.1%.
5. Same store sales decelerating, up rose 5.0% w/o/w from previous increase of 5.4%.
6. International trade in goods deficit came in at $-74.6B, larger than the expected $-71.5.

Sun 6-30-19 BigPic: The Wizard of Grand Rapids

🎧 The Wizard of Grand Rapids

Published on June 28, 2019

Roben FarzadFollow

Public Radio Host • Author • Speaker

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Investor, author, Michigander and Fortune columnist Ben Carlson on this old, seemingly relentless bull market. And diversification. And fatherhood. And lemonade carts and 529s and remembering to splurge on the occasional Faygo and Detroit Tigers game.

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Roben Farzad

Public Radio Host • Author • Speaker

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