Stocks rose. BofA says investors have capitulated amid pessimism.
Housing starts and building permits both sustained slowing trends.
• It's earnings season.
• Investors are pessimistic.
• Housing starts drop.
• Big tech is slowinghiring, now margins come into focus.
Headlines of the Day
Stocks Rise as Investors Look to Earnings
The stock market was rebounding Tuesday from a Monday selloff, with the Dow up almost 700 points. Better-than-expected earnings and a weaker dollar were providing a boost.
BofA Survey Shows Full Investor Capitulation Amid Pessimism
Global growth optimism at all-time low: fund manager survey. BofA says inflation seen falling but mood still stagflationary.
U.S. housing starts fall in June for the second straight month
Housing starts fall to 1.56 million, versus consensus of 1.59 million with strength in apartments offsetting weakness in single-family starts.
BofA’s Moynihan Sees Fed Having Trouble Slowing US Consumers
The Federal Reserve will have a tough time fighting inflation by slowing the US economy because consumers are continuing to spend, Bank of America Corp. Chief Executive Officer Brian Moynihan said.
Big Tech’s Margin for Error Has Shrunk
Apple, Microsoft and Google pare back hiring plans as slowing growth puts focus on maintaining margins.
Economic Data Results for 7-19-2022
Housing Starts JUN
Housing starts in the US dropped 2% month-over-month to an annualized rate of 1.559 million units in June of 2022, the lowest since September last year. Figures were also lower than forecasts of 1.58 million but follow an upwardly revised 1.591 million rate in May.
Building Permits JUN
Building permits in the US, a proxy for future construction, decreased 0.6% to an annualized rate of 1.685 million in June of 2022, the lowest level since September last year and compared to forecasts of 1.65 million. It was the third consecutive month of declines in permits.
Economic Data Due Tomorrow on 7-20-2022
Existing Home Sales JUN
MBA Mortgage Applications 15/JUL
United States MBA Mortgage Market Index
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