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Afternoon Note

All Eyes to PCE Reading

By Charles Payne, CEO & Principal Analyst
6/27/2024 2:13 PM

All the major indices are relatively flat, as investors await tomorrow’s core PCE deflator reading.

There is lots of economic data out today.

US weekly initial unemployment claims fell -6,000 to 233,000 versus expectations of 235,000.

Meanwhile, continuing claims came in at 1,839,000 topping estimates of 1,820,000 and up from last week’s 1,821,000.

US May capital goods non-defense orders fell -0.6%, much more than the expected increase of 0.1% m/m, showing weakness in capital spending.

Pending home Sales continued their downward trend in May, -6.6% from the prior year. This represents a -2.1% change m/m versus consensus estimates of 0.5%. The rate of decline does appear to be slowing, but still falling much more than consensus estimates.

The Kansas City Fed Manufacturing Index weakened further in June.

Yields are falling in response to weak economic data.

The Nasdaq and the Dow are in the green, while the S&P 500 is slightly lower. The leading sectors today are Consumer Discretionary (XLY) and Real Estate (XLRE), while Consumer Staples (XLP) is the worst performer.


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