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M Notes:  Mon, 7-11 Thumbnail

M Notes: Mon, 7-11




Weekly Close:
7-8-2022
+ (-)%
Dow31,338+241+0.8%
S&P3,899+74+1.9%
Nasdaq11,635+507+4.6%
10-year3.10+0.21+7.3%
Oil104.79-3.67-3.4%


LAST WEEK:

Markets:  Coming off the holiday, Markets rallied last week. 

S&P roller coaster last week:  Holiday, up a touch, up, up, and down a touch.

Fed Balance Sheet:   $8.892 trillion.  

Fed Minutes:  In their June meeting the Fed said another rate hike of 50 or 75 basis points (1/2% or 3/4%) is likely at their end of July meeting.  How tight or loose their policy will be going forward will depend on inflation.  

ISM:  The Institute for Supply Management’s May services index came in at 55.9.  Expectations were for the June number to come in at 54.8 but the actual number came in higher at 55.3.  Remember:   numbers over 50 imply an expansion. 

Jobs:  The numbers beat expectations (270,000), coming in at 372,000.

Jobless claims:  The weekly number came in at 235,000.  The four-week average is 233,000.  

Radio:  No radio last week.  I was serving as a Walking Scorer for the Bridgestone Senior Players Championship at Firestone CC.  You can normally hear us most Friday mornings at 6:38a, 7:38a, and 8:38a on 1100AM.

Unemployment:  It remained at 3.6%. 


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THIS WEEK:

Focus of the week:  We get two Inflation updates this week.  The Consumer number comes out Wednesday morning and the Wholesale number comes out Thursday morning.  Expectations are the consumer number will remain at 8.8%, and that the wholesale number will drop from 10.8% down to 10.4%.

Economic calendar:  CPI (Wed); PPI, jobless claims (Thu); retail sales and industrial production (Fri).