Americans are moving out of the cities in droves, buying homes in the suburbs to escape the manufactured race riots and the Chinese coronavirus. Existing homes sales rose by over 20% last month.
However, financial markets are soft due to the State Department forcing the closure of the Chinese consulate in Houston. Retaliation is expected. Fears of the Chinese coronavirus second wave have dampened Pfizer’s deal with the U.S. government for 100 million doses of an eventual vaccine.
The S&P is bouncing against resistance as it approaches 3,300. Insider selling is nearing record highs.
Crude oil stockpiles also rose unexpectedly and prices dropped on international markets.
Existing Home Sales (Jun) printed at 4.72M vs 4.78 consensus estimate.
MBA Mortgage Applications (Jul 17) printed at 4.1%.
Existing Home Sales Change (MoM) (Jun) printed at 20.7% vs 24.5% estimate.
EIA Crude Oil Stocks Change (Jul 17) printed at 4.892M vs -2.088M estimate.