S&P500 +0.93%(2,901.52); NASDAQ +2.06% (8,109.54); DJIA +0.68% (25,964.82
This week’s reports:
- Q2 2018 GDP Growth Annualized (second estimate) was 4.2% versus the first estimate of 4.1% and Q1’s growth of 2.2%.
- July’s Personal Income rose 0.3% from June’s +0.4%. Personal Spending rose 0.4%, the same as in June.
- August’s Michigan Consumer Sentiment Index rose to 96.2 from July’s 95.3.
- July’s Chicago Fed National Activity Index (CFNAI) fell to 0.13 from June’s 0.48.
- August’s Richmond Fed Manufacturing Index rose to 24 from July’s 20.
- August’s Chicago PMI fell to 63.6 from July’s 65.5.
- July’s Wholesale Inventories rose 0.7% from June’s +0.1%.
- June’s S&P/Case-Shiller Home Price Indices rose 6.3% y/y versus May’s +6.5% y/y.
- Initial Jobless Claims for the week ending August 24th rose by 3K to 213K. Continuing Jobless Claims for the week ending August 17th fell by 20K to 1,708K.
- US stocks closed out August with monthly gains, holding their ground even as jitters around trade negotiations drove investors out of major indexes elsewhere around the world. During the week, stocks came under pressure on rumors that the US and Canada were unable to reach a trade deal, and that President Trump was planning to move ahead with tariffs on Chinese imports. US shares erased their losses after officials said they would resume talks next week. Investors were also reassured by upbeat economic data and rising corporate profits.
- The S&P 500, Nasdaq Composite and Russell 2000 rose to fresh highs in August. For the month, the Dow industrials rose 2.2%, the S&P 500 notched a 3% gain and the Nasdaq rose 5.7%, its best showing for August in 18 years.