As the United States emerges from the Chinese coronavirus lockdown, economic activity is starting to reverse the collapse. Economic green shoots are emerging.

Durables goods showed further weakness in April but beat estimates. Continuing Jobless Claims also beat. Q1 GDP was revised to -5%.

Durable Goods Orders (Apr) printed at -17.2% vs -19% consensus estimate.

Durable Goods Orders ex Transportation (Apr) printed at -7.4% vs -14% estimate.

Durable Goods Orders ex Defense (Apr) printed at -16.2%.

Core Personal Consumption Expenditures (QoQ) (Q2) PREL printed at 1.6% vs 1.8% estimate.

Continuing Jobless Claims (May 15) printed at 21.052M vs 25.75M.

Gross Domestic Product Price Index (Q1) PREL printed at 1.6% vs 1.4% estimate.

Personal Consumption Expenditures Prices (QoQ) (Q2) PREL printed at the estimate of 1.3%.

Initial Jobless Claims (May 22) printed at 2123K vs 2100k estimate.

Nondefense Capital Goods Orders ex Aircraft (Apr) printed at -5.8% vs -10% estimate.

Initial Jobless Claims 4 week average (May 22) printed at 2608k.

Pending Home Sales (YoY) (Apr) printed at -33.8%.

Pending Home Sales (MoM) (Apr) printed at -21.8% vs -15% estimate.

EIA Natural Gas Storage Capacity Change (May 22) printed at 109B vs 107B estimate.

Kansas Fed Manufacturing Activity (May) printed at -25.

EIA Crude Oil Stocks Change (May 22) printed at 7.928M vs -1.944M estimate.

In related market news, President Trump announced at a press briefing today on big-tech censorship, that there will be announcements tomorrow regarding White House action on its future policies towards China. Analysts suggest Trump will announce measures to hold Beijing accountable for its behavior during the Chinese coronavirus pandemic.

Equity futures sold off on the news.

Oil sold off after an unexpected build in crude oil stocks.

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