[BRIEFING.COM] Stocks started the week on a muted note, with the S&P 500 (-0.1%), Nasdaq Composite (-0.3%), and DJIA (-0.1%) finishing modestly lower amid a surge in oil prices and a late retreat across select tech names.

Rising oil prices weighed on the market at the open and continued to climb throughout the day, with crude oil futures settling today's session $3.98 higher (+5.1%) at $82.17 per barrel. President Trump said that the U.S. will give Iran time to face mounting economic pressure amid the inability to reach a lasting deal, while Iran reiterated that reopening the Strait of Hormuz is contingent on the U.S. permanently ending the conflict and paying reparations.

The spike in oil prices sent Treasury yields higher across the curve, weighing on oil- and rate-sensitive areas of the market. The real estate (-1.2%) and utilities (-1.1%) sectors were the worst-performing S&P 500 groups, while the iShares U.S. Home Construction ETF fell 2.7% and the Russell 2000 (-0.6%) underperformed the major averages.

However, the broader market weathered the oil-driven pressure relatively well, with mixed sector strength keeping losses muted at the index level. Outside of the energy sector (+4.6%), the health care sector (+1.5%) outperformed, with Vertex Pharma (VRTX 523.91, +27.84, +5.61%) surging after competitor Sionna Therapeutics (SION 4.50, -46.54, -91.18%) halted development of a cystic fibrosis treatment following disappointing Phase 2a results.

The materials sector (+0.7%) also posted a decent gain as precious metals prices continued to move higher, while positive showings from Alphabet (GOOG 355.84, +2.37, +0.67%) and Meta Platforms (META 594.92, +2.82, +0.48%) helped outweigh lingering post-earnings weakness in The Trade Desk (TTD 13.39, -0.41, -2.97%) within the communication services sector (+0.7%).

Meanwhile, the information technology sector (-1.1%) faced pressure as semiconductor stocks weakened throughout the session. The PHLX Semiconductor Index fell 2.9%, closing at a session low as some profit-taking followed last week's strong rebound. NVIDIA (NVDA 217.56, -6.40, -2.86%) contributed to the late weakness, sliding to session lows after the Financial Times reported that the company is working with a host of large asset managers on financing platforms aimed at mobilizing more than $500 billion for AI infrastructure development.

Intel (INTC 97.52, -4.13, -4.06%) also weighed on the chipmaker index after announcing a $15 billion underwritten common stock offering, while Apple (AAPL 308.26, -5.07, -1.62%) lagged after Jefferies downgraded the stock to Underperform from Hold.

Software stocks provided a notable counterweight to the weakness in semiconductors. The iShares GS Software ETF (IGV) climbed 2.3%, helping limit the information technology sector's decline despite the late selling across chipmakers.

Even with late weakness in technology and a sharp rise in oil prices, the major averages finished only modestly lower, remaining near last week's record highs and reflecting some underlying strength following a strong Q2 earnings season.

With earnings beginning to wind down, the market's next test of sentiment looms with Wednesday's release of the July Consumer Price Index (Briefing.com consensus 0.1%), which will likely be influential in the Fed's next policy decision. The CME FedWatch tool now assigns a 51.7% probability of a rate hike at the September FOMC meeting, up from 44.4% on Friday but down from 67.2% a week ago.

U.S. Treasuries retreated to begin the week, lifting yields on the 5-year note and longer tenors to one-week highs while the 2-year note reversed its decrease from Friday, staying just above its 50-day moving average (4.186%). The 2-year note yield settled up three basis points to 4.24%, and the 10-year note yield settled up four basis points to 4.70%. 

There was no economic data of note. 

• Russell 2000: +21.6% YTD
• S&P Mid Cap 400: +17.1% YTD
• Nasdaq Composite: +14.5% YTD
• S&P 500: +13.3% YTD
• DJIA: +12.3% YTD

[BRIEFING.COM] The major averages are little changed from previous levels with just half an hour left in today's session.

Financial Times reports that NVIDIA (NVDA 218.82, -5.14, -2.30%) is collaborating with Apollo Global Management (APO 131.23, +3.79, +2.97%), Goldman Sachs (GS 1033.39, -6.22, -0.60%), BlackRock (BLK 1128.50, -7.89, -0.69%), and others on a $500 billion funding package for AI infrastructure development. NVIDIA moved to session lows following the report and is now the worst-performing "Magnificent Seven" name today.

Elsewhere on the macro front, Bloomberg reports Cleveland President Beth Hammack (voting FOMC member) said "some number" of rate increases may be needed.

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.3%), and DJIA (-0.3%) remain modestly lower as the market enters the final hour of the session.

The price of oil has continued to rise throughout the session, narrowing much of the broader market's strength, though the energy sector (+4.5%) boasts an impressive gain.

Crude oil futures settled today's session $3.98 higher (+5.1%) at $82.17 per barrel. Treasury yields are around five basis points higher across the curve, weighing on rate-sensitive pockets of the market including homebuilder stocks. The iShares U.S. Home Construction ETF is down 2.8%.

[BRIEFING.COM] Th S&P 500 (-0.11%) is in "first" place on Monday afternoon, down just 8 points with more aggressive losses elsewhere.

Briefly, S&P 500 constituents Lumentum (LITE 825.07, -65.10, -7.31%), Verisk Analytics (VRSK 180.27, -11.55, -6.02%), and Southwest Air (LUV 45.00, -2.04, -4.35%) dot the bottom of the average. LITE dips as investors take profits following a recent optical-sector rally, despite B. Riley maintaining a bullish view and expecting a strong earnings beat and guidance raise, while VRSK falls as a Delaware court ruling on AccuLynx deals Verisk a legal setback, raising uncertainty over the asset and prompting investors to reassess its potential financial impact.

Meanwhile, APA Corp. (APA 40.80, +3.17, +8.42%) is near the top of the standings, showing solid gains amid strength in crude oil futures.

[BRIEFING.COM] The tech-heavy Nasdaq Composite (-0.42%) is in last place on Monday afternoon, down about 113 points.

Gold futures settled $20.60 higher (+0.5%) at $4,420.30/oz, as last week's weaker-than-expected jobs report fueled expectations that the Federal Reserve may delay further rate hikes. Investors are now turning to this week's inflation data for additional clues on the Fed's policy path, while geopolitical uncertainty and continued demand are also supporting gold.

Meanwhile, the U.S. Dollar Index is up about +0.3% to $99.80.

[BRIEFING.COM] The Dow Jones Industrial Average (-0.25%) is in second place on Monday afternoon, down about 135 points.

A look inside the DJIA shows that NVIDIA (NVDA 218.54, -5.42, -2.42%), Apple (AAPL 306.36, -6.70, -2.14%), and Home Depot (HD 347.64, -7.98, -2.24%) are underperforming.

Meanwhile, Chevron (CVX 193.78, +7.22, +3.87%) is today's top gain getter.

The DJIA is now +4.58% higher off the mid-July lows.

[BRIEFING.COM] It has been a relatively sleepy Monday morning for stocks, with the S&P 500 (-0.1%) and DJIA (-0.2%) modestly lower after last week's record push, while the Nasdaq Composite (-0.4%) holds a slightly wider loss amid some weakness in technology.

There was little in the way of corporate news this morning as Q2 earnings season begins to wind down, though investors continue to monitor geopolitical developments as oil prices move higher. Crude oil is currently up $3.13 (+4.0%) to $81.32 per barrel after Iran laid out a series of hard-line demands over the weekend, including U.S. compensation for damages stemming from the conflict, the unfreezing of Iranian assets, and an end to the naval blockade. The conditions appear difficult for the U.S. to accept and have renewed some concern that disruptions to oil shipments through the region could persist.

While the jump in oil prices weighed on stocks at the open, the broader market has shown some resilience, and performance is now mixed. The health care sector (+1.2%) is a standout, with Vertex Pharma (VRTX 531.75, +35.68, +7.19%) pacing the gains after a competitor in the cystic fibrosis treatment space, Sionna Therapeutics (SION 4.12, -46.92, -91.93%), plunged after halting development of SION-719 as an add-on to the standard of care. The treatment failed to meet a key activity endpoint in a Phase 2a cystic fibrosis trial.

The financials sector (+0.3%) also holds a modest gain, helped by Berkshire Hathaway Inc. (BRK-B 532.87, +11.07, +2.12%) after the company reported a sizable increase in Q2 operating earnings and stepped up share repurchases under new CEO Greg Abel.

Meanwhile, the information technology sector (-0.9%) weighs on the major averages. Apple (AAPL 305.88, -7.45, -2.38%) is a "Magnificent Seven" laggard after Jefferies downgraded the stock to Underperform from Hold. Semiconductor names are also seeing some profit-taking following last week's rally, with the PHLX Semiconductor Index down 2.1%. Coherent (COHR 333.60, -45.54, -12.01%) is the worst-performing S&P 500 component, while Intel (INTC 99.37, -2.28, -2.24%)also moves lower after announcing a $15 billion underwritten common stock offering, with underwriters receiving a 30-day option to purchase up to an additional $2.25 billion of shares.

Software stocks are helping offset some of the technology sector's weakness. The iShares GS Software ETF is up 2.3%, with Microsoft (MSFT 506.92, +6.92, +1.39%) a mega-cap standout after The Information reported that the company is planning a major increase in AI chip production.

Elsewhere, the real estate (-1.4%) and utilities (-0.7%) sectors also underperform as Treasury yields move higher alongside oil prices.

So far, stocks are taking a breather after last week's record-setting rally, with earnings and corporate news flow generally lighter today. Still, the market's ability to hold near record highs despite a surge in oil prices highlights its underlying strength coming out of a strong Q2 earnings season. Investors may also be showing some caution ahead of Wednesday's release of the July Consumer Price Index, which, in the wake of Friday's softer July employment report, will likely be influential in determining the Fed's next move.

There is no economic data of note today. 

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (-0.3%), and DJIA (-0.2%) are drifting slightly lower. 

Berkshire Hathaway Inc. (BRK-B 532.55, +10.75, +2.06%) helps keep the financials sector (+0.3%) in positive territory after reporting Q2 operating earnings of $12.98 billion, up 16.3% from $11.16 billion last year, while net earnings increased to $25.67 billion from $12.37 billion. CNBC also reports that the company repurchased $4.5 billion worth of its own stock in its second quarter under new CEO Greg Abel.

[BRIEFING.COM] The major averages remain little changed from previous levels (and their baselines) at midday.

Taiwan Semiconductor Manufacturing (TSM 424.88, +4.84, +1.15%) is trading higher after reporting July revenue of NT$467.58 billion, up 44.7% year-over-year and 5.6% sequentially, providing another strong demand data point as TSM begins its September quarter. The result keeps the company comfortably on track for Q3 revenue guidance of $44.6-45.8 billion following a strong Q2, while reinforcing that AI, high-performance computing, and advanced-node demand remain robust despite an increasingly demanding growth comparison.

Semiconductor stocks as a whole remain a point of weakness today, with the PHLX Semiconductor Index down 1.5%.

[BRIEFING.COM] The stock market has seen muted action so far this morning on the heels of last week's record highs, with the S&P 500 (+0.1%), Nasdaq Composite (-0.2%), and DJIA (+0.1%) near their unchanged levels.

Stocks opened mostly lower amid a surge in oil prices, with crude oil currently up $2.77 (+3.5%) to $80.92 per barrel. President Trump said that the U.S. is willing to wait for Iran to start feeling economic pressures, while Iran reiterates that the U.S. must permanently end the conflict and pay reparations to reopen the Strait of Hormuz.

The broader market has since shown resilience and recovered from its modest opening losses, though there are still several pockets of weakness. Notably, the information technology sector (-0.6%) is a laggard as the PHLX Semiconductor Index (-1.7%) gives back some of last week's gains, outweighing strength in Microsoft (MSFT 508.59, +8.60, +1.72%) and the iShares GS Software ETF (IGV 104.96, +2.27, +2.21%).

Elsewhere, the real estate (-1.4%) and utilities (-0.9%) sectors also underperform as Treasury yields rise alongside oil prices, which also weighs on the Russell 2000 (-0.4%) and S&P Mid Cap 400 (-0.2%).

[BRIEFING.COM] The major averages remain little changed this morning.

The health care sector (+1.0%) trails only the energy sector (+3.1%) today, supported by a sharp gain in Vertex Pharma (VRTX 531.07, +35.00, +7.06%), which is the best-performing S&P 500 component.

Analysts have linked the stock's surge to a sharp retreat in one of its competitors, Sionna Therapeutics (SION 4.14, -46.90, -91.89%), which is not an S&P 500 component. Sionna Therapeutics halted development of SION-719 as an add-on to the standard of care after the treatment failed to meet a key activity endpoint in a Phase 2a cystic fibrosis trial.

[BRIEFING.COM] The S&P 500 (+0.1%), Nasdaq Composite (+0.1%), and DJIA (-0.1%) now have a slightly positive tilt following some improvements to the broader market, including the information technology sector (-0.1%).

Microsoft (MSFT 510.78, +10.79, +2.16%) is a standout, adding to an exceptional start to August. The Information reported that the company is aiming to significantly hike the production of AI chips next year.

Meanwhile, Intel (INTC 97.58, -4.06, -4.00%) is down sharply after announcing a $15 billion underwritten common stock offering, with underwriters also receiving a 30-day option to purchase up to an additional $2.25 billion of shares. The capital raise provides Intel with substantial additional liquidity for general corporate purposes, including capital expenditures and working capital, but the potentially sizable increase in its share count creates immediate dilution for existing shareholders. The magnitude of the offering is likely driving today's negative reaction, as investors weigh the dilution against Intel's significant capital requirements and question why the company needs to raise such a large amount of equity at this stage.

[BRIEFING.COM] The S&P 500 (-0.1%), Nasdaq Composite (-0.3%), and DJIA (-0.1%) are modestly lower as a quiet premarket session has carried over into a subdued open.

Stocks are mostly lower, with rising oil prices contributing to some weakness throughout the market. After a big retreat last week, crude oil is currently up $2.68 (+3.42%) to $80.85 per barrel. While President Trump stated the U.S. will reduce military attacks against Iran in favor of a more economy-based approach, Iran has reiterated that its agreement to reopen the Strait of Hormuz is contingent on the U.S. permanently ending the war and paying reparations.

Elsewhere, the health care (+0.58%) and financials (+0.5%) sectors hold modest gains, while the eight other S&P 500 sectors move lower.

The top-weighted information technology sector (-0.4%) is modestly lower amid some early weakness in the PHLX Semiconductor Index (-1.1%). Additionally, Apple (AAPL 306.74, -6.59, -2.10%) is a mega-cap laggard following a downgrade to Underperform from Hold at Jefferies.

The real estate (-1.3%) and utilities (-1.0%) sectors hold the widest losses as Treasury yields move higher with oil this morning, with both sectors remaining among the weakest performers so far in August.

Equity futures now point to a modestly lower opening as investors continue to monitor developments around the U.S. and Iran.

Corporate news flow is relatively subdued, though Apple (AAPL 309.16, -4.17, -1.4%) is a mega-cap laggard after Jefferies downgraded the stock from Hold to Underperform.

The S&P 500 futures trade 16 points below fair value.

Equity indices in the Asia-Pacific region began the week on a mostly higher note. China's CPI deflated again in July, causing a deceleration in the year-over-year rate to just 0.5% from 1.0% in June. The Bank of Japan's latest summary of opinions showed overall hawkishness in sentiment among policymakers. Japanese investors sold the second-largest monthly amount of Australian bonds in June as rising JGB rates prompted repatriation of foreign investments. The Reserve Bank of Australia will meet overnight but a rate hike is not expected at this time.

• In economic data:
  • China's July CPI -0.1% m/m (expected 0.2%; last -0.3%); 0.5% yr/yr (expected 0.8%; last 1.0%). July PPI 3.5% yr/yr (expected 3.9%; last 4.1%)
  • Japan's June Current Account surplus JPY1.40 trln (expected surplus of JPY2.50 trln; last surplus of JPY3.06 trln). July Bank Lending 5.4% yr/yr (expected 5.7%; last 5.7%). July Economy Watchers Current Index 45.7 (expected 44.6; last 44.0)

---Equity Markets---

• Japan's Nikkei: +2.1%
• Hong Kong's Hang Seng: +1.1%
• China's Shanghai Composite: +0.7%
• India's Sensex: +0.1%
• South Korea's Kospi: +0.7%
• Australia's ASX All Ordinaries: -0.2%

Major European indices trade just above their flat lines while the U.K.'s FTSE (-0.3%) lags with homebuilders and other consumer names among the laggards. Vistry Group is down more than 5% after it was reported that Allianz reduced credit limits on new trading agreements for suppliers of Vistry. Distiller Diageo outperforms after cutting its dividend and announcing a cost-savings plan.

• In economic data:
  • Eurozone's August Sentix Investor Confidence 0.9 (expected -0.7; last -3.1)

---Equity Markets---

• STOXX Europe 600: unch
• Germany's DAX: unch
• U.K.'s FTSE 100: -0.3%
• France's CAC 40: +0.1%
• Italy's FTSE MIB: unch
• Spain's IBEX 35: +0.1%

The S&P 500 futures currently trade 14 points below fair value.

Berkshire Hathaway (BRK.B 524.45, +2.65, +0.5%) reported Q2 operating earnings of $12.98 billion, up 16.3% from $11.16 billion last year, while net earnings increased to $25.67 billion from $12.37 billion.

Equity futures point to a flattish opening amid a relatively quiet morning for the stock market. There are no economic data releases on the calendar, and this week's slate of earnings releases is just a fraction of the previous several weeks.

Q2 earnings season has largely exceeded expectations, with strong results (particularly across some mega-cap tech names) contributing to the most recent run to record highs. Last week was especially productive for equities, with the major averages all finishing with weekly gains of 3% or wider and the S&P 500 and DJIA notching record highs throughout the week.

This week's primary catalyst comes in the form of the July Consumer Price Index Wednesday morning, with a soft July employment report last week increasing the market's expectations that the Fed may leave rates unchanged at the next meeting.

Additionally, investors will continue to monitor developments on the geopolitical front. President Trump said in an interview that he plans to take a "low-key" approach to Iran, favoring increased economic pressure over additional military strikes, according to Axios.

In corporate news:

• Apple (AAPL 309.95, -3.38, -1.1%) has tested memory chips from China's CXMT, according to The Wall Street Journal.
• Hewlett Packard Enterprise (HPE 56.30, +3.08, +5.8%) was upgraded to Overweight from Equal Weight at Morgan Stanley, with a price target of $69.
• Taiwan Semiconductor Manufacturing (TSM 420.10, +0.06, +0.0%) reported July revenues rose 45% year-over-year.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region began the week on a mostly higher note. Japan's Nikkei: +2.1%, Hong Kong's Hang Seng: +1.1%, China's Shanghai Composite: +0.7%, India's Sensex: +0.1%, South Korea's Kospi: +0.7%, Australia's ASX All Ordinaries: -0.2%.

In news:

• China's CPI deflated again in July, causing a deceleration in the year-over-year rate to just 0.5% from 1.0% in June.
• The Bank of Japan's latest summary of opinions showed overall hawkishness in sentiment among policymakers.
• Japanese investors sold the second-largest monthly amount of Australian bonds in June as rising JGB rates prompted repatriation of foreign investments.
• The Reserve Bank of Australia will meet overnight but a rate hike is not expected at this time.

In economic data:

• China's July CPI -0.1% m/m (expected 0.2%; last -0.3%); 0.5% yr/yr (expected 0.8%; last 1.0%). July PPI 3.5% yr/yr (expected 3.9%; last 4.1%)
• Japan's June Current Account surplus JPY1.40 trln (expected surplus of JPY2.50 trln; last surplus of JPY3.06 trln). July Bank Lending 5.4% yr/yr (expected 5.7%; last 5.7%). July Economy Watchers Current Index 45.7 (expected 44.6; last 44.0)

Major European indices trade just above their flat lines while the U.K.'s FTSE (-0.3%) lags with homebuilders and other consumer names among the laggards. STOXX Europe 600: +0.1%, Germany's DAX: +0.2%, U.K.'s FTSE 100: -0.3%, France's CAC 40: +0.1%, Italy's FTSE MIB: +0.3%, Spain's IBEX 35: +0.2%.

In news:

• Vistry Group is down more than 5% after it was reported that Allianz reduced credit limits on new trading agreements for suppliers of Vistry.
• Distiller Diageo outperforms after cutting its dividend and announcing a cost-savings plan.

In economic data:

• Eurozone's August Sentix Investor Confidence 0.9 (expected -0.7; last -3.1)

[BRIEFING.COM] Stocks finished the week on a positive note Friday as a softer-than-expected July employment report eased concerns about additional Federal Reserve tightening and renewed buying across growth-oriented and other rate-sensitive areas of the market. The S&P 500 gained 0.6% to notch a record closing high, the Nasdaq Composite climbed 1.3%, and the DJIA advanced 0.3%, leaving each major average with a weekly gain of at least 3.0%. The Russell 2000 (+1.1%) and S&P MidCap 400 (+1.3%) also turned in strong performances.

The July employment report provided the day's primary catalyst, showing no payroll growth during the month alongside a sizable downward revision to June. The softer labor-market picture prompted investors to dial back expectations for additional Fed tightening and sent Treasury yields lower. According to the CME FedWatch tool, the probability of a 25-basis point rate increase at the September FOMC meeting fell to 41.9% from 55.0% on Thursday, while the probability of at least one rate hike by October dropped to 57.3% from 71.0%. That shift in expectations provided a meaningful tailwind for growth-oriented and other interest-sensitive areas of the market.

Technology was a major beneficiary of the friendlier rate backdrop. The information technology sector (+1.3%) finished among the market's leaders as the PHLX Semiconductor Index climbed 2.6%, extending this week's rebound. Software stocks also enjoyed another strong session, lifting the iShares GS Software ETF (IGV) 3.3%. Cloudflare (NET 300.27, +15.84, +5.57%) rallied following its earnings report, while Palantir Technologies (PLTR 172.01, +16.09, +10.32%) added to its impressive gains from earlier in the week. Datadog (DDOG 233.93, +4.64, +2.02%) and AppLovin (APP 346.80, +11.13, +3.32%) also recovered a portion of Thursday's sharp post-earnings losses.

Strength extended well beyond technology. The consumer discretionary sector (+1.3%) benefited from a solid gain in Tesla (TSLA 328.58, +9.05, +2.83%), a strong post-earnings reaction in Airbnb (ABNB 178.07, +26.43, +17.43%), and buying interest across homebuilders and other rate-sensitive industries.

The materials sector (+1.5%) also outperformed as Newmont Corporation (NEM 112.98, +7.55, +7.16%) surged alongside a rebound in precious metals prices.

Mega-cap stocks remained an important source of support, with the Vanguard Mega Cap Growth ETF rising 0.9%. SpaceX (SPCX 133.11, +18.19, +15.83%) also posted a strong rebound, recovering much of its post-earnings decline from earlier this week. At the same time, solid gains in the Russell 2000 and S&P MidCap 400 underscored that Friday's advance extended well beyond the market's largest companies.

There were still a few notable pockets of weakness. The communication services sector (-0.4%) finished lower as The Trade Desk (TTD 13.80, -3.87, -21.90%) remained under heavy pressure following its earnings report, while Alphabet (GOOG 353.47, -3.15, -0.88%) extended its recent weakness after reports earlier this week of several senior AI departures.

The energy sector (-1.2%) was the day's primary laggard despite another increase in crude oil prices. WTI crude futures settled $0.92 higher (+1.2%) at $78.19 per barrel, though prices retreated after the close following reports that Oman and Iran are making progress toward an agreement to reopen the Strait of Hormuz.

The financials sector (-0.3%) rounded out the three S&P 500 sectors that finished lower.

Friday's advance capped an impressive week for equities, with a softer labor-market report complementing an already strong earnings backdrop. The resulting decline in Fed tightening expectations makes next week's July Consumer Price Index particularly important, as investors look for confirmation that inflation is easing enough to keep policymakers on hold.

U.S. Treasuries climbed on Friday, extending this week's rebound off July lows with unexpected help from a disappointing Employment Situation report for July. The 2-year note yield settled down five basis points to 4.20% (-9 basis points this week), and the 10-year note yield settled down two basis points to 4.65% (-10 basis points this week).

• Russell 2000: +22.3% YTD
• S&P Mid Cap 400: +17.6% YTD
• Nasdaq Composite: +14.8% YTD
• S&P 500: +13.3% YTD
• DJIA: +12.4% YTD

Reviewing today's data:

• The July employment report falls into the domain of "bad news is good news." Participants are recognizing that nonfarm payroll growth was weak (actually, there was no growth), that wage inflation disinflated, and that the labor force participation rate continues to dwindle.
  • The key takeaway from the report is that it was soft enough, presumably, to keep Fed officials in a wait-and-see mode, such that they could see a better case now for not raising the target range for the fed funds rate at the September FOMC meeting.
• Consumer credit increased by $14.2 bln in June (Briefing.com consensus $9.0 bln) following a downwardly revised $1.1 billion decline (from -$0.2 billion) in May.