Stocks rose again, with the most strength in NASDAQ and the Russell 2000.
The strength in the US dollar is becoming a problem for everyone. Existing home sales fell to a new low since June 2020.
• Existing home sales plummet.
• The MBA Mortgage Index hit two decade lows.
• Americans are spending less on staples due to inflation.
• China is facing social unrest in the mortgage market.
Headlines of the Day
Stocks rise, fueled by tech rally, as all major averages touch highest since early June
The Nasdaq Composite rose Wednesday, as traders weighed the latest corporate earnings for signs that profits will stay high enough to boost the market. Netflix shares jumped on better-than-expected second quarter results.
A Strong U.S. Dollar Raises Risks for Everyone
Nothing can stop the dollar—and until something does, expect more pain ahead for global financial markets.
Powell’s Econ-101 Lesson Presents Best-Case Inflation Scenario
Fed chair explains theory why price pressures could fade fast. Vertical supply curve would be easy up, easy down for economy.
Americans Are Buying Fewer Staples as Inflation Crimps Budgets
Data show volume declines in three months through July 10. Analyst says price hikes are continuing in second half of 2022.
Xi Faces Surprise Revolt From Chinese Homebuyers on Mortgage Boycott
Mortgage boycotts spread across 301 projects in 91 cities. Chinese leader facing domestic unrest on a range of issues.
Economic Data Results for 7-20-2022
Existing Home Sales JUN
Existing home sales in the US dropped 5.4% to a seasonally adjusted annual rate of 5.12 million in June of 2022, a new low since June of 2020 and well below market forecasts of 5.38 million.
United States MBA Mortgage Market Index
The MBA Mortgage Market Index in the United States decreased 6.3% to 281.1 in the week ended July 15th, a third consecutive drop and hitting the lowest level since 2000.
MBA: Mortgage Applications
Mortgage applications decreased 6.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 15, 2022.
Economic Data Due Tomorrow on 7-21-2022
Initial Jobless Claims 16/JUL
Jobless Claims 4-week Average 16/JUL
Philly Fed Employment JUL
Philly Fed Prices Paid JUL
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