The confusion regarding the Trump administration’s strategy with China has pushed US equity futures lower this morning. After appearing to soften its stance toward China, President Trump’s top economic adviser, Larry Kudlow, told Fox Business that the President wasn’t softening his stance and that China’s response to US demands has not been satisfactory.

The Bureau of Economic Analysis released the first revision to first quarter showed a slower pace of expansion coming in at 2.0%, a decline of 0.2% from the first release. Downward revisions to spending on services and investment in inventories fell from the initial reading, leading to the lower overall number.

Hafizan Hamzah
Director, Investment Management Group

Date TimeEventSurveyActualPriorRevised
06/25/2018Chicago Fed Nat Activity Index0.3-0.150.340.42
06/25/2018New Home Sales667k689k662k646k
06/25/2018New Home Sales MoM0.80%6.70%-1.50%-3.70%
06/25/2018Dallas Fed Manf. Activity24.936.526.8
06/26/2018S&P CoreLogic CS 20-City MoM SA0.40%0.20%0.53%0.40%
06/26/2018S&P CoreLogic CS 20-City YoY NSA6.80%6.56%6.79%6.73%
06/26/2018S&P CoreLogic CS 20-City NSA Index210.17208.62208.5
06/26/2018S&P CoreLogic CS US HPI NSA Index200.86198.94198.86
06/26/2018S&P CoreLogic CS US HPI YoY NSA6.41%6.53%6.49%
06/26/2018Richmond Fed Manufact. Index152016
06/26/2018Conf. Board Consumer Confidence128126.4128128.8
06/26/2018Conf. Board Present Situation161.1161.7161.2
06/26/2018Conf. Board Expectations103.2105.6107.2
06/27/2018MBA Mortgage Applications-4.90%5.10%
06/27/2018Advance Goods Trade Balance-$69.0b-$64.8b-$68.2b-$67.3b
06/27/2018Wholesale Inventories MoM0.20%0.50%0.10%
06/27/2018Retail Inventories MoM0.40%0.60%0.50%
06/27/2018Durable Goods Orders-1.00%-0.60%-1.60%-1.00%
06/27/2018Durables Ex Transportation0.50%-0.30%0.90%1.90%
06/27/2018Cap Goods Orders Nondef Ex Air0.50%-0.20%1.00%2.30%
06/27/2018Cap Goods Ship Nondef Ex Air0.30%-0.10%0.90%1.00%
06/27/2018Pending Home Sales MoM0.50%-0.50%-1.30%
06/27/2018Pending Home Sales NSA YoY-2.80%0.40%0.30%
06/28/2018Initial Jobless Claims220k227k218k
06/28/2018Continuing Claims1717k1705k1723k1726k
06/28/2018GDP Annualized QoQ2.20%2.00%2.20%
06/28/2018Personal Consumption1.00%0.90%1.00%
06/28/2018GDP Price Index1.90%2.20%1.90%
06/28/2018Core PCE QoQ2.30%2.30%
06/28/2018Bloomberg Consumer Comfort56.5
06/28/2018Kansas City Fed Manf. Activity2629
06/29/2018Personal Income0.40%0.30%
06/29/2018Personal Spending0.40%0.60%
06/29/2018Real Personal Spending0.20%0.40%
06/29/2018PCE Deflator MoM0.20%0.20%
06/29/2018PCE Deflator YoY2.20%2.00%
06/29/2018PCE Core MoM0.20%0.20%
06/29/2018PCE Core YoY1.90%1.80%
06/29/2018Chicago Purchasing Manager6062.7
06/29/2018U. of Mich. Sentiment9999.3
06/29/2018U. of Mich. Current Conditions117.9
06/29/2018U. of Mich. Expectations87.4
06/29/2018U. of Mich. 1 Yr Inflation2.90%
06/29/2018U. of Mich. 5-10 Yr Inflation2.60%
07/02/2018Markit US Manufacturing PMI54.6
07/02/2018Construction Spending MoM0.40%1.80%
07/02/2018ISM Manufacturing5858.7
07/02/2018ISM Employment56.3
07/02/2018ISM Prices Paid79.5
07/02/2018ISM New Orders63.7
07/02/2018Revisions: Construction Spending
07/03/2018Factory Orders-0.20%-0.80%
07/03/2018Factory Orders Ex Trans0.40%
07/03/2018Durable Goods Orders-0.60%
07/03/2018Durables Ex Transportation-0.30%
07/03/2018Cap Goods Orders Nondef Ex Air-0.20%
07/03/2018Cap Goods Ship Nondef Ex Air-0.10%
07/03/2018Wards Domestic Vehicle Sales
07/03/2018Wards Total Vehicle Sales17.00m16.81m
07/04/2018MBA Mortgage Applications-4.90%
07/05/2018Challenger Job Cuts YoY-4.80%
07/05/2018ADP Employment Change185k178k
07/05/2018Initial Jobless Claims227k
07/05/2018Continuing Claims1705k
07/05/2018Bloomberg Consumer Comfort
07/05/2018Markit US Services PMI56.5
07/05/2018Markit US Composite PMI56
07/05/2018ISM Non-Manf. Composite5858.6
07/05/2018FOMC Meeting Minutes