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M Notes: Mon, 6-24 Thumbnail

M Notes: Mon, 6-24



Week Close:
6-21-24
+ (-)%
Dow39,150+561-1.5%
S&P5,465+33+0.6%
Nasdaq17,689+0+0.0%
10-year4.26+0.02+0.5%
Oil80.73+2.28+2.0%


LAST WEEK:  

Markets: The Dow and S&P had a good week, while the Nasdaq has no gain/loss.  

S&P roller coaster last week:  Up a lot, Up, Holiday, Down, and Down. 

Fed Balance Sheet:  $7.253 trillion (last week… down -$6 billion).  Reminder: their balance sheet was closer to $4 trillion before the Pandemic.   

Housing:  Housing Starts were down -5.5% in May and -19.3% Y/Y.   Existing homes were down -0.7% in May and are also down -2.8% Y/Y. 

Jobless claims:  The weekly number came in at 238,000.  The four-week average came in at 233,000. 

National Debt:  $34.848 Trillion (last week… up +$19 billion).   

Retail sales:  They were up +0.1% in May and are also up +2.3% Y/Y.  

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THIS WEEK:

Focus of the week:   Inflation.  The Inflation metric the Federal Reserve watches the most is the Personal Consumption & Expenditures index (the PCE).  The May read is expected to drop from 2.7% down a tick to 2.6% Y/Y.   

Calendar:  New home sales (Wed); durable goods, the final Q1 GDP read, jobless claims (Thu); and the PCE (Fri).