While the S&P 500 hit a new record, markets were fairly quiet this week as trading volumes thinned out amid summer vacations and nothing to, particularly rock the boat. Apple also became the second company ever to have a market cap of $2 trillion (Saudi Aramco was the first in 2019), doubling its market cap over the last 21 weeks and in under three years from when it first crossed $1 trillion.
Markit’s preliminary August PMI figures all stayed solidly in an expansionary territory with Manufacturing and Services figures increasing to 53.6 and 54.8, respectively.
U.S. existing home sales rocketed up 24.7% in July to a record figure helped by low rates, though only modestly above where we were earlier in the year, and after-sales cratered earlier in the year from March until May.
Having weekly jobless claims under 1M was a short achievement, with claims rising to 1.1M last week. Expectations were for the number to further improve to 920K (vs. 963K the week prior).
The Democratic convention was virtually held this week to formally nominate Joe Biden as their candidate. At just over 70 days until the election, online odds website PredictIt currently has Biden at a 60% chance of winning. Keep an eye out for additional color from us next week on the election and fielding client questions.