Consumer Confidence dropped much more than expected in a reading for August this morning, reflecting reduced government benefits and continued business closures due to the Chinese coronavirus lockdown.
Housing however, continues its rip-roaring pace as families move out of American cities.
The main theme in the melt-up stock market seems to be a reduction in the effect of the virus on American society, a possible vaccine for the Chinese coronavirus, and supposed reduced tensions with China, which is not the reality of the situation, but traders are looking for continued good news.
Markets are mostly flat to slightly higher, but with very limited market breadth, which is concerning, and typically a sign of a market top.
Housing Price Index (MoM) (Jun) printed at 0.9% vs 0.1% consensus estimate.
S&P Case-Shiller Home Price Indices printed (YoY) (Jun) at 3.5% vs 3.8% estimate.
Richmond Fed Manufacturing Index (Aug) printed at 18.
New Home Sales (MoM) (Jul) printed at 0.901M vs 0.785M estimate.
New Home Sales Change (MoM) (Jul) printed at13.9% vs 1.3% estimate.
Consumer Confidence printed at 84.8 vs 93.0 estimate.
Tomorrow morning watch for the Durable Goods report as could move markets.
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