After peaking in February, Dallas Fed's Manufacturing Outlook has slid almost constantly until July which just saw it bounce modestly from 15.0 to 16.8 (stil below May's levels)
Reading The Dallas Fed's breakdown reports, one wuld think everything is awesome!.
The production index, a key measure of state manufacturing conditions, rose 11 points to 22.8, indicating output grew at a faster pace than in June.
For the first time since February, poending home sales rose month-over-month.
However, for context, the pace of home sales is now unchanged since May 2015...
Pending home sales managed to hold its head above water Year-over-Year - up just 0.7%.
“Market conditions in many areas continue to be fast paced, with few properties to choose from, which is forcing buyers to act almost immediately on an available home that fits their criteria,” Lawrence Yun, NAR’s chief economist, said in a statement.
Another day, another tumble in SNAP.
Today's tumble continues the slide from $29 highs, $24 open, and $17 IPO as SNAP shares trade down to $13.20 in the pre-open after this weekend's IPO lockup expiration...
The exact number of shares available after the lockup expires isn’t disclosed, according to Bloomberg data.
JPMorgan believes ~400m shares owned by early investors will become available on July 31, while MKM estimated that 60% of the 844m outstanding shares will be unlocked.
President Trump is active this morning. His first tweet of the week was a shot across the bow of Congress (who exempted themselves from Obamacare because it was such a disaster) and suggesting - shockingly to many in DC - that insurance companies may face some pain...
If ObamaCare is hurting people, & it is, why shouldn't it hurt the insurance companies & why should Congress not be paying what public pays?
— Donald J. Trump (@realDonaldTrump) July 31, 2017
As many traders quietly leave for summer break soaking up even more liquidity as they go, a busy US calendar unfolds in the week ahead, with ISM, PCE price data and, of course, payrolls in the spotlight.
Key Events, courtesy of RanSquawk