Succinct Summation of Week’s Events 6.26.20 (plus ROSENBERG UPDATE - from Consuelo)

The weekly summation is below, the main positive being the previous hot spots of NY, NJ, CT, and MA are now seeing their lowest infection, hospitalization and death rates since the beginning, the main negative being the huge surge in the new hot spots in several states across the south and west. The bonus this Sunday is the June 25th segment of Consuelo Mack's PBS series Wealth Track and her special guest David Rosenberg and his commentary on where the economy is heading. Spoiler alert: it's not a particularly rosy picture.  It's also not anything that should particularly surprise anyone. Welcome to summer!  Hope everyone had a great weekend. 


Succinct Summation of Week’s Events 6.26.20

June 26, 2020 4:00pm by Barry Ritholtz

Succinct Summations for the week ending June 26th, 2020

Positives:

1. NY, CT, NJ., MA see lowest levels of infections, hospitalizations and deaths since pandemic began;
2. Durable goods orders rose 15.8% m/o/m, above the expected increase of 10.0%.
3. Jobless claims fell by 60k w/o/w, from 1.540M to 1.480M.
4. New home sales rose 676k in May, above the expected 636k.
5. Chicago Fed National Activity Index came in at 2.61 for May, above the previous -17.89
6. PMI Composite Flash stands at 46.8 for June, above the expected 45.0.

Negatives:

1. Resurgence of Covid19 across Sunbelt and West leads to record number of US infections, threatens to shut down nation’s economy (again), and raises questions anew about the lack of national leadership on this issue
2. Existing home sales fell 9.7% m/o/m, from 4.330M to 3.910M.
3. Home mortgage apps fell 3.0% w/o/w, below the previous increase of 4.0%.
4. International trade deficit widened from $-70.7B to $-74.3B during the month of May.
5. Third estimate for Q3 GDP remains at -5.0%.
6. Retail inventories fell 6.1% m/o/m, below the previous decrease of 3.8%.

6-25-20 ROSENBERG UPDATE - A message from Consuelo - June 25, 2020

JUNE 25, 2020

Dear WEALTHTRACK Subscriber,

New on our website this week, we are linking to an up-to-date report from recent WEALTHTRACK guest, influential economist David Rosenberg.

Our shows with Rosenberg have generated so much interest on our website and on YouTube that we are revisiting Part 1 this week. We thought those who missed it on public television would benefit from seeing it. 

Dave Rosenberg is President, Chief Economist and Strategist at his independent economic consulting firm Rosenberg Research & Associates which he launched early this year with the stated priority of “…providing investors with analysis and insights to help them make well-informed investment decisions.”

Throughout his career his daily Breakfast with Dave newsletter has been considered a must read by retail and institutional investors alike. It still is. 

He is known for his tell it like it is commentary, independence of thought and high conviction calls which are frequently far out of the consensus. He did not disappoint in this interview as he discussed why “nothing is normal.” 

Rosenberg explains the economy was already going into a recession when the pandemic hit, that it has dramatically deepened and that unless there is a vaccine soon, which he doubts will happen, that the damage will be lasting.  

If you are unable to join us for the show on television, you can watch it on our website, WealthTrack.com over the weekend. You’ll also find our exclusive EXTRA interview with Rosenberg about the COVID-19 experience. He calls it a game changer for the economy and markets. It’s also had an impact on his life.

If you miss the show on public television, you can watch it on our website over the weekend.  You can also find the WEALTHTRACK podcast on stitcher and soundcloud as well as itunes and spotify.

Thank you for watching.  Have a lovely weekend and make the week ahead a healthy, profitable and a productive one.

Best regards,

Consuelo