M Notes: Mon, 8-19
Week Close: 8-16-24 | + (-) | % | |
|---|---|---|---|
| Dow | 40,660 | +1,163 | +2.9% |
| S&P | 5,554 | +210 | +3.9% |
| Nasdaq | 17,632 | +887 | +5.3% |
| 10-year | 3.89 | -0.05 | -1.3% |
| Oil | 76.65 | -0.33 | -0.4% |
LAST WEEK:
Markets: Inflation reads beat expectations, and the Markets responded.
S&P roller coaster last week: Flat, Up significantly, Up, Up significantly, and Up.
Fed Balance Sheet: $7.178 Trillion (last week… up +$ 3 Billion). Reminder: their balance sheet was closer to $4 Trillion before the Pandemic.
Housing: Starts were down -6.8% in July and were -16.0% Y/Y.
Industrial production: It declined -0.6% in July.
Inflation: Wholesale inflation (the PPI) dropped unexpectantly from 2.6% down to 2.2% Y/Y. Consumer Inflation (the CPI) moved down a tick from 3.0% to 2.9% Y/Y.
Jobless claims: The weekly number came in at 227,000. The four-week average came in at 236,000.
National Debt: $35.030 Trillion (last week… up +$19 Billion).
Retail sales: They were up +1.0% in July and were up +2.7% Y/Y.
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THIS WEEK:
Focus of the week: The Fed’s annual Jackson Hole Economic Symposium. The meeting begins this Thursday (thru Saturday). And with the positive Inflation news last week, the Fed Chair’s Keynote address on Friday morning will be the focus. Will Jerome Powell signal the Fed will cut rates next month?
Calendar: Fed Minutes (Wed); existing home sales, jobless claims (Thu); and new home sales (Fri).