This just in: CEO Chris Shuba on Schwab Network

The jobless claims pop up to 419K surprised economists with consensus expectations of 350K, which would have been an improvement to the week prior’s 368K. Though there may not be a ton to read into here with seasonal adjustment factors wreaking havoc on the adjusted numbers, though those impacts should start to fade next month.

Existing home sales rose 1.4% in June, a slight rise against and steep downward trend since the peak at the end of last year with nearly a 30% drop in mortgage applications since December. While there is a steep downward trend that may continue, it is likely just a course correction back to more regular levels after a red hot housing market.

The Delta variant spooked markets early in the week, with the S&P 500 losing 1.59%, the worst day since May, though markets bounced on Tuesday and remained in the green for the week.