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The CML Close - Stocks dropped, small caps rose, all eyes on PCE and Core PCE readings on Thursday - 06-27-2022

Date Published:

Stocks fell slightly after a large gain on the back of the prior week though small caps rallied. Recession fears rose but interest expectations eased.

All eyes will be on the Fed's preferred PCE and Core PCE inflation indices to be reported on Thursday June 30th.  Has inflation peaked?

SPX 3,900.11 -11.63 (-0.30%)
NASD 11,524.55 -83.07 (-0.72%)
DJIA 31,438.26 -62.42 (-0.20%)
R2K 1,771.74 +6.01 (+0.34%)
VIX 26.98 -0.25 (-0.92%)
Oil 109.74 +2.12 (+1.97%)

• The price of metals is crashing.

• Wall Street layoffs may be aroun the corner.

• Pending home sales surprised to the upside.

• New orders durable goods beat expectations in a sign that business spending plans remain strong.

Headlines of the Day
Stocks Waver as Fears Over Rate Hikes Ease
Messaging from Fed Chairman Jerome Powell and moderating economic data have helped stocks stage a U-turn amid fears over recession and rate hikes.

Metals Haven’t Crashed This Hard Since the Great Recession
Prices for copper, tin and other metals plummeted last week as recession fears grow.

Powell’s Path to 2% Inflation Needs Luck or, Failing That, Pain
Soft landing hinges on prices falling fast as supply improves. Relying mostly on Fed policy means much higher unemployment.

Wall Street layoffs likely ahead as two-year hiring boom turns to bust
Broad-based job cuts loom at major banks for the first time since 2019, thanks to a confluence of factors that have cast a pall over markets and caused most deal categories to plunge this year, industry sources said.

Economic Data Results for 6-27-2022
Pending Home Sales MoM
Pending home sales in the US unexpectedly increased 0.7% mom in May of 2022, the first rise in seven months, and beating market forecasts of a 3.7% fall.

Durable Goods Orders
New orders for US-made capital goods went up 0.7% MoM in May of 2022, the third straight month of gains. Figures beat market forecasts of a 0.1% rise, in a sign that business spending plans remain strong.

United States Dallas Fed Manufacturing Index
The Federal Reserve Bank of Dallas' general business activity index for manufacturing in Texas declined to -17.7 in June of 2022 from -7.3 in May, remaining the lowest since May 2020.

United States Non Defense Capital Goods Orders Ex Aircraft
Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, increased 0.5% month-over-month in May of 2022, after a 0.3% rise in April and above forecasts of 0.3%.

Economic Data Due Monday on 6-28-2022
Wholesale Inventories

Retail Inventories Ex Autos

House Price Index

Richmond Fed Manufacturing Index


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