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Earnings Season
The Market Bull 2019

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The Market Bull – July 25, 2019

The major averages closed with modest losses on mixed data. Earnings season is off to an uneven start with some notable misses, Tesla, and beats.

Wholesale Inventories advanced a less than expected .2% in June, led by a large jump in Durable Goods. Retail Inventories slipped .1% over the same period. This series is continuing to be driven by trade war and tariff uncertainties, subjects that have become very quiet of late.

The International Trade in Goods Balance improved slightly to -74.2 billion on a larger decline in imports than exports. Looking a little deeper and exports were hurt by a large drop in consumer goods, imports on the other hand saw a significant fall in industrial supplies, hardly positive from a macroeconomic perspective, as the trade war and a slowing global economy weighs on the series.

Durable Goods Orders solidly beat expectations with a 2% advance in June on a large jump in Non-Defense Capital Goods, very odd considering all the troubles Boeing has had of late and the substantial charge recently booked with respect to its 737 Max fiasco. The proxy for business spending Non-Defense Capital Goods Ex-Aircraft posted a solid 1.9% gain. May’s data was revised lower.

Standard and Poors 500 Index closed at: 3,003.67 down 15.89
NASDAQ finished the day: 8,238.54 down 82.96
Gold ended trading at: $1,414.40 down $9.20


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