Durable Goods Jump 7.3%

It seems each day on Wall Street, the mood is determined by the Big Five. Today, the major tech companies are leading the market strongly. The rest of the market is largely flat.

The price for gold has surged to an all-time high. This finally snapped gold’s previous high from 11 years ago. Adjusted for inflation, gold is still below its high from 1980.

This morning’s durable goods report for June showed an increase of 7.3% for June. That beat expectations by 0.1%. Durable goods were up 15.1% the month before.

Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, jumped 3.3% last month, the Commerce Department said on Monday. These so-called core capital goods orders rose 1.6% in May and remained below their pre-pandemic level. Orders last month were boosted by strong demand for machinery, fabricated metals, primary metals and electrical equipment, appliances, and components.

Economists polled by Reuters had forecast core capital goods orders advancing 2.3% in June. Core capital goods orders fell 2.3% on a year-on-year basis in June.

On Thursday, we’ll get the Q2 GDP report. It may be the worst one on record.

Posted by on July 27th, 2020 at 10:05 am


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