July 8, 2020 Headlines

It’s a very quiet morning in broad financial markets. Treasury prices are drifting slightly lower on light volumes, and S&P 500 futures are flat ahead of the open. The Mortgage Bankers Association (MBA) mortgage applications index rose 2.2% for the week ended July 3, including a 5.3% increase in purchase applications and a 0.4% increase in refinance applications.  The refi applications index is down nearly 50% from the early March high, but activity still remains nearly double the long-term average as mortgage rates hold near historic lows. Purchase application activity has also been steady despite the pandemic. The purchase index is now at the highest level of the post-crisis era.

Jason Haley
Chief Investment Officer

7/6/2020Markit US Services PMI46.947.946.7
7/6/2020Markit US Composite PMI47.946.8
7/6/2020ISM Non-Manufacturing Index50.257.145.4
7/7/2020JOLTS Job Openings4500539750464996
7/8/2020MBA Mortgage Applications2.20%-1.80%
7/8/2020Consumer Credit-$15.000b-$68.779b
7/9/2020Initial Jobless Claims1375k1427k
7/9/2020Continuing Claims18750k19290k
7/9/2020Bloomberg Consumer Comfort43.3
7/9/2020Wholesale Trade Sales MoM4.50%-16.90%
7/9/2020Wholesale Inventories MoM-1.20%-1.20%
7/10/2020PPI Final Demand MoM0.40%0.40%
7/10/2020PPI Ex Food and Energy MoM0.10%-0.10%
7/10/2020PPI Ex Food, Energy, Trade MoM0.10%0.10%
7/10/2020PPI Final Demand YoY-0.20%-0.80%
7/10/2020PPI Ex Food and Energy YoY0.40%0.30%
7/10/2020PPI Ex Food, Energy, Trade YoY-0.20%-0.40%
7/10/2020Bloomberg July United States Economic Survey


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