Markets were down a touch last week.
The S&P roller coaster last week: Up, down, up, down, and down.
Housing: Existing homes sales were up +20% in June and are down -11% YOY. But a month ago they were down -26%. New home sales were up almost +14% in June and are up almost +7% YOY.
Jobless claims: Claims were 1.4 million last week. That’s 18 weeks over 1 million.
Focus of the week: Will we get another Coronavirus bill? Will there be an unemployment extension? How big will the extra unemployment extension be? Will more $1200 checks go out? Congress is negotiating, and the Markets are watching.
The Fed: Wednesday afternoon at 2:30p Fed Chair Jerome Powell will have his customary presser following the latest Fed meeting. It’s their fifth meeting of the year (out of eight). Will there be additional stimulus from the Fed?
It’s a big Earnings week. Some the big companies reporting this week: Alphabet (Google), Amazon, Amgen, Anthem, Apple, Boeing, Caterpillar, Chevron, Deutsche Bank, Eli Lilly, Exxon Mobil, Facebook, Ford, GE, Gilead Sciences, GM, Goodyear, Kellogg, Kraft Heinz, McDonald’s, Merck, Pfizer, Proctor & Gamble, Royal Dutch Shell, Sherwin Williams, Starbucks, Under Armour, UPS, and Visa.
Indicator focus: Durable goods orders (Mon); consumer confidence (Tue); Fed meeting statement, Fed Chair press conference, international trade (Wed); first read on Q2 GDP, and jobless claims (Thu).