Kevin Gordon
@KevRGordon
Head of Macro Research and Strategy, Schwab Center for Financial Research Disclosures:
406 Following 29.9K Followers
Mixed comments from the ISM Services respondents in July ... everything from mounting cost pressures, to business picking up for smaller firms, to challenges with freight rates
A new record high for the S&P 500, with just 5% of members making a new 52-week high
The trade deficit came in at $73.3B in June ... over the past year, it has increased by $14.6B
S&P 500 advance-decline spread down to -133 (lows of the day)
Conference Board's labor differential moved down to 3.1 in July ... in the history of this index, it has never gone negative without the economy going into (or already being in) a recession
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Despite some pullbacks lately, financial conditions are not tight per GS’ index
S&P 500 +0.55% with 280 members declining
Philly Fed Services Index another datapoint showing that there isn't yet a strong productivity story ... the new orders and full-time employment components are nearly the same this month
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Former NY Fed president Bill Dudley:
“…by the fall, I suspect the pressure on the Fed to tighten will become overwhelming. The case for doing so is just too strong and the risk of allowing inflation to persist above the Fed’s target for a few more years is just too high.”
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The Atlanta Fed's nowcast for 2Q has recovered a bit off the lows but is still well off the highs at +1.7%
Only 24% of S&P 500 members outperforming the index over the past 3 months ... going back to the 1970s, there are only a handful of other periods with lower %s.
@NDR_Research | past performance is no guarantee of future results
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