Afternoon Note
Orders for durable goods, products intended to last more than three years, rose 4.5% in August according to the Commerce Department. New orders for manufactured durable goods rose $11.1 billion to $259.6 billion. August rebounded from July’s revised 1.2% decrease (revised from a 1.7% decrease). Some slowing is to be expected as orders are up 9.2% year-over-year.
Orders for non-defense capital goods, excluding aircraft orders, fell 0.5%. A decline in demand for computers and electronic product contributed to the decline. Orders for motor vehicles and parts declined by 1.0%. Orders for civilian aircraft soared higher by 69.1 %. Boeing (BA) reported it had received 99 aircraft orders in August, up from 25 in July.
Claims
Initial jobless claims increased 12,000 to 214,000 for the week ending September 22. This was slightly higher than the 209,000 consensus. A better gauge, the four-week moving average increased 250 to 206,250.
Although both initial and continuing claims rose, they are still at historically low levels.
After yesterday’s post FOMC sell off, the Dow has recouped its loses and is trading higher by 165 points. FAANG stocks are helping lift the Nasdaq by 1%.
Breadth: Decidedly positive (excluding new highs/lows)
Comments |
Most Indices lower highs today. Near end of Q3 statements. I sence Harvest cash coming out and Election uncertaintees. Bottom done around 2nd to 3rd week of Oct but this year may be different? Mackcap on 9/27/2018 9:49:03 PM |
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