Business

Via Dana Lyons Tumblr,

Stocks have recently witnessed an unprecedented cluster of new highs occurring on negative volume.

Despite a rebound in business survey hope, a number of consumer confidence measures have been tracking lower in recent months as Trumphoria fades. July's final UMich consumer confidence data confirms this trend printing at 93.4 - the lowest since Oct 2016. While current conditions rose to the highest since July 2005, the biggest driver of the overall decline was a tumble in the 'expectations' index.

Although a slight improvement on the early month preliminary print, the trend remains lower...

Remember when in January of 2015, after a bout of heavy snowfall and cold weather across, everyone was certain that Q1 GDP would be a disaster? If not, here is a reminder from the WSJ:

Ahead of today's key economic release, the US Q2 GDP number due at 8:30am ET, here is what some of the key players expect, via RanSquawk:

• Sellside Consensus: 2.6%
• Atlanta Fed: 2.8%
• NY Fed: 2.0%
• Goldman Sachs: 2.2%
• JPM: 3.5%
• Barclays: 2.7%
• Citi 2.9%

A more detailed preview and market reaction courtesy of the analysts at FX Daily.

S&P futures have tracked both European and Asian markets lower, which were dragged down by the big EPS miss and guidance cut reported by Amazon on Thursday. Meanwhile, the pounding of the dollar has resumed with the euro and sterling strengthening against the dollar due to renewed political concerns after this morning's stunning failure by the Senate GOP to pass a "skinny" Obamacare repeal after John McCain sided with democrats.