The major indices have been trading in the red on the heels of the initial claims report and what some believe to be disappointing earnings. Treasuries are trading up on the claims report, with the 10-year yield now down to .68%.

The S&P 500 is mixed today with money rotating into safe havens like Utilities and Consumer Staples.

Advancers continue to outpace decliners and more 52-week highs continue to be created.

“The June increase in the LEI reflects improvements brought about by the incremental reopening of the economy, with labor market conditions and stock prices in particular contributing positively,” said Ataman Ozyildirim, Senior Director of Economic Research at The Conference Board. “However, broader financial conditions and the consumers’ outlook on business conditions still point to a weak economic outlook. Together with a resurgence of new COVID-19 cases across much of the nation, the LEI suggests that the US economy will remain in recession territory in the near term.”

The LEI is a weighted gauge of 10 U.S. indicators designed to signal business-cycle peaks and troughs. It includes:

• Average weekly hours, manufacturing
• Average weekly initial claims for unemployment insurance
• Manufacturers’ new orders, consumer goods and materials
• ISM® Index of New Orders
• Manufacturers’ new orders, nondefense capital goods excluding aircraft orders
• Building permits, new private housing units
• Stock prices, 500 common stocks
• Leading Credit Index™
• Interest rate spread, 10-year Treasury bonds less federal funds
• Average consumer expectations for business conditions

There are starting to be some good sign on the coronavirus front. There is more evidence that new cases in Arizona (AZ) are falling and Florida (FL) has peaked.

There are many companies scheduled to report this evening including Intel (INTC).