• The core PCE inflation measure slowed sharply in May.

 

 

Source: @economics   Read full article

 

  • The ISM Manufacturing PMI held in contraction territory in June

 

 

  • diverging from the manufacturing PMI reported by S&P Global.

 

Source: @TheTerminal, Bloomberg Finance L.P.

 

  • Based on the cyclicals-to-defensives ratio, the market anticipates a strengthening in US manufacturing activity.

 

Source: @TheTerminal, Bloomberg Finance L.P.

 

  • Weak construction spending, along with estimates of lower consumer spending on goods, further reduced the Atlanta Fed’s GDPNow estimate for Q2 growth

 

 

  • Job openings unexpectedly increased in May, with most of the gains driven by government job vacancies.

 

 

  • With housing affordability at its worst levels in decades (2 charts)

 

Source: Goldman Sachs; @MikeZaccardi

 

Source: @TheTerminal, Bloomberg Finance L.P.

 

  • … and supply limited, the market is increasingly favoring buyers with strong credit scores, as evidenced by the rising average FICO scores for purchase loans. According to the AEI Housing Center, the average borrower FICO score for purchase loans was 738, the highest level in the 11-year history of their series.
  • More home sellers have been reducing their asking prices, but the median sale price is still at record highs.

 

Market Data

 

  • Most commodities are in a bear market, which typically precedes a period of weakness in the broad index.

 

Source: SentimenTrader

 

  • Here is a look at commodity markets’ performance in June and year-to-date.

 

 

  • The S&P 500 is entering a seasonally choppy period.

 

Source: SentimenTrader

 

  • The top ten sports leading to hospital visits in the US:

 

Source: John Foy & Associates

 

  • Holidays with the highest rate of road fatalities:

 

Source: Omega Law Group; National Highway Traffic Safety Administration’s FARS (Fatality Analysis Reporting System)

 

  •  % of S&P 500 members above their 200-day moving average:

 

Source: @TheTerminal, Bloomberg Finance L.P.

 

  • The Nasdaq Composite cumulative advance-decline line:

 

Source: @TheTerminal, Bloomberg Finance L.P.

 

  • The market cap of US tech stocks has raced ahead of their share of the index earnings.

 

 

  • The percentage of S&P 500 members beating the index is extraordinarily low.

 

Source: @WillieDelwiche

 

Great Quotes

“Never be bullied into silence. Never allow yourself to be made a victim. Accept no one’s definition of your life; define yourself.” —Harvey Fierstein

 

Picture of the Week

 

Independence Day!

 

 

 

All content is the opinion of Brian Decker