June 26, 2020 Headlines

The overnight session was relatively quiet as the resurgence of COVID-19 cases weighted on risk sentiment and improving consumer spending data. Texas has reported more than 17,000 new cases in the past three days and recently announced the suspension of elective surgeries to protect hospital space. In addition, the state will slowdown the pace of economic reopening without walking back current restrictions. US Consumer spending rebounded in May as household outlays rose a record 8.2% but remains weak compared to pre-virus levels. The reflex follows an April report that showed the sharpest drop as the lockdown went into effect. Ahead of the open, S&P500 futures down .29% and being led lower by large banks as the Federal Reserve banned buybacks and restricted dividend increases through the third quarter (KBW Index -3.48%).

Chris Eckhoff
Associate, Investment Management Group

6/22/2020Chicago Fed Nat Activity Index-102.61-16.74-17.89
6/22/2020Existing Home Sales4.09m3.91m4.33m
6/22/2020Existing Home Sales MoM-5.60%-9.70%-17.80%
6/23/2020Markit US Manufacturing PMI5049.639.8
6/23/2020Markit US Services PMI4846.737.5
6/23/2020Markit US Composite PMI46.837
6/23/2020New Home Sales640k676k623k580k
6/23/2020New Home Sales MoM2.70%16.60%0.60%-5.20%
6/23/2020Richmond Fed Manufact. Index-20-27
6/24/2020MBA Mortgage Applications-8.70%8.00%
6/24/2020FHFA House Price Index MoM0.30%0.20%0.10%
6/25/2020Advance Goods Trade Balance-$68.2b-$74.3b-$69.7b-$70.7b
6/25/2020Wholesale Inventories MoM0.40%-1.20%0.30%0.20%
6/25/2020Retail Inventories MoM-2.00%-6.10%-3.60%-3.80%
6/25/2020Durable Goods Orders10.50%15.80%-17.70%-18.10%
6/25/2020Durables Ex Transportation2.10%4.00%-7.70%-8.20%
6/25/2020Cap Goods Orders Nondef Ex Air1.00%2.30%-6.10%-6.50%
6/25/2020Cap Goods Ship Nondef Ex Air-1.00%1.80%-5.70%-6.20%
6/25/2020GDP Annualized QoQ-5.00%-5.00%-5.00%
6/25/2020Personal Consumption-6.80%-6.80%-6.80%
6/25/2020GDP Price Index1.40%1.40%1.40%
6/25/2020Core PCE QoQ1.60%1.70%1.60%
6/25/2020Initial Jobless Claims1320k1480k1508k1540k
6/25/2020Continuing Claims20000k19522k20544k20289k
6/25/2020Bloomberg Consumer Comfort41.440.2
6/25/2020Kansas City Fed Manf. Activity-11-19
6/26/2020Personal Income-6.00%-4.20%10.50%10.80%
6/26/2020Personal Spending9.30%8.20%-13.60%-12.60%
6/26/2020Real Personal Spending8.70%8.10%-13.20%-12.20%
6/26/2020PCE Deflator MoM0.00%0.10%-0.50%
6/26/2020PCE Deflator YoY0.50%0.50%0.50%0.60%
6/26/2020PCE Core Deflator MoM0.00%0.10%-0.40%
6/26/2020PCE Core Deflator YoY0.90%1.00%1.00%
6/26/2020U. of Mich. Sentiment79.278.178.9
6/26/2020U. of Mich. Current Conditions8887.187.8
6/26/2020U. of Mich. Expectations7472.373.1
6/26/2020U. of Mich. 1 Yr Inflation3.00%3.00%
6/26/2020U. of Mich. 5-10 Yr Inflation2.50%2.60%



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