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Registered Investment Adviser Caleb Lawrence

Disappointing economic data sent the major averages into the final hour mixed to begin the week. Pending home sales increased slightly in June led by the West, South and North East, the Midwest slipped again.

The 2nd quarter Senior Loan Officer Survey showed a return to the long-established trend of easing credit standards as they dropped 2.8% nearly reversing all of the previous quarters tightening. Auto lending standards constricted for a 2nd quarter while credit cards eased. On the demand side credit card, auto and consumer loans all fell. Commercial and Industrial saw standards ease but demand fell materially again after recent improvement.

Texas regional manufacturing activity increased 1.8 points to 16.8 in July on strength in production, new orders, and employment.

Agricultural prices marked a small increase of 2.1% in May with the year ago rate up 4.6% on strong gains in Livestock and related prices. Crop values continue to suffer with a significant decline in vegetable prices for the month.

Semiconductor billings advanced 1.9% in May to 31.9 billion. Decent gains were seen in Europe, the Americas and Asia.

Political market risk remains high in the US as two more Trump cabinet members, chief-of-staff Reince Priebus, resigned after just six months, additionally Anthony Scaramucci communications director, was removed earlier after just 10 days on the job. This makes 12 significant personnel changes for the current administration since taking office.

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