July 19, 2021 Headlines

Renewed Covid concerns sparked a risk-off trade overnight in global markets, sending Treasury yields lower and flatter to start the week. Long-end rates are now at the lowest levels since February. Major European equity indices are down approximately 3%, and U.S. futures are lower by 1% – 1.5% ahead of the open.  Increased spread of the Delta variant has led to new restrictions across parts of the world, with more potentially to come if cases continue to rise. This week’s economic calendar is relatively light, headlined by preliminary July PMI data on Friday. We have entered the blackout period for ahead of the July 28 FOMC meeting, so there will be no Fed speakers this week.

Jason Haley
Chief Investment Officer

07/19/21NAHB Housing Market Index8181
07/20/21Housing Starts1590k1572k
07/20/21Building Permits1700k1681k1683k
07/20/21Housing Starts MoM1.20%3.60%
07/20/21Building Permits MoM1.00%-3.00%-2.90%
07/21/21MBA Mortgage Applications16.00%
07/22/21Chicago Fed Nat Activity Index0.30.29
07/22/21Initial Jobless Claims350k360k
07/22/21Continuing Claims3075k3241k
07/22/21Langer Consumer Comfort52.2
07/22/21Leading Index0.80%1.30%
07/22/21Existing Home Sales5.92m5.80m
07/22/21Existing Home Sales MoM2.10%-0.90%
07/22/21Kansas City Fed Manf. Activity2527
07/23/21Markit US Manufacturing PMI6262.1
07/23/21Markit US Services PMI64.564.6
07/23/21Markit US Composite PMI63.7

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