[BRIEFING.COM] The tech-heavy Nasdaq Composite (-0.51%) is the only major average in the red this afternoon, down about 136 points.

Gold futures settled $152.60 higher (+3.7%) at $4,305.20/oz, as a weaker U.S. dollar and lower Treasury yields increased demand for the safe-haven metal. Investors also weighed easing inflation pressures and awaited upcoming U.S. employment data for further clues on the Federal Reserve's interest rate outlook.

Meanwhile, the U.S. Dollar Index is down about -0.2% to $99.67.

[BRIEFING.COM] The Dow Jones Industrial Average (+0.78%) is in front on Wednesday afternoon, up about 423 points.

A look inside the DJIA shows that NVIDIA (NVDA 221.32, +9.38, +4.43%), Amgen (AMGN 404.81, +14.79, +3.79%), and Walt Disney (DIS 100.80, +2.62, +2.67%) are some of today's top gain getters.

Meanwhile, Alphabet (GOOGL 362.82, -14.83, -3.93%) is decidedly lower.

The DJIA has now amassed gains of +4.41% over the last 3+ sessions.

[BRIEFING.COM] After opening the week with two powerful rallies, stocks are encountering some resistance today, with the major averages mixed just after midday. The S&P 500 (flat) and DJIA (+0.8%) both notched fresh record intraday highs this morning before surrendering much of their early gains, while the Nasdaq Composite (-0.4%) is pressured by some weakness across semiconductor stocks and several mega-cap technology names following the latest round of earnings reports. The Russell 2000 (-0.3%) and S&P MidCap 400 (-0.3%) also reached fresh record highs earlier in the session, though both are now charting a lower course.

The market is largely without the recent momentum across mega-cap tech and semiconductor stocks that drove the major averages to recent record highs, with several notable earnings reports and headlines weighing on sentiment. Alphabet (GOOG 360.75, -14.60, -3.89%) is a notable laggard after The Wall Street Journal recently reported that Google Chief Scientist Jeff Dean will depart to launch his own startup focused on scientific discovery. Meta Platforms (META 583.19, -4.75, -0.81%) turned negative intraday as well, and the communication services sector (-3.6%) is now the worst-performing S&P 500 sector despite a post-earnings gain in Walt Disney (DIS 99.89, +1.71, +1.74%).

The consumer discretionary sector (-0.4%) also lags amid weaker showings from Amazon (AMZN 272.57, -4.85, -1.75%) and Tesla (TSLA 323.60, -3.76, -1.15%) today.

Meanwhile, the information technology sector (+0.7%) remains higher despite a subdued showing from semiconductor stocks after yesterday's rally. The PHLX Semiconductor Index is flat, with Advanced Micro Devices (AMD 487.87, -30.71, -5.92%) facing some sell-the-news pressure after a strong run into its Q2 earnings report. Despite the choppiness across chipmakers today, NVIDIA (NVDA 221.39, +9.45, +4.46%) is a mega-cap standout after SpaceX (SPCX 115.71, -9.62, -7.68%), which also trades lower after earnings, said on its earnings call that the company plans to build exclusively on NVIDIA's Vera Rubin architecture.

Outside of more technology-focused sectors, action at the sector level is similar to that of recent sessions. The materials sector (+1.5%) continues to outperform, with Newmont Corporation (NEM 104.66, +6.93, +7.09%) among the best-performing S&P 500 components amid another increase in gold and silver prices today.

The industrials sector (+0.2%) also remains modestly higher as broad strength across the group outweighs a sharp post-earnings decline in Uber (UBER 67.16, -4.84, -6.72%).

Elsewhere, the defensive utilities (-1.3%) and consumer staples (-0.3%) sectors continue to underperform, though the health care sector (+0.9%) is a standout following strong earnings from Eli Lilly (LLY 1152.00, +36.32, +3.26%) and Amgen (AMGN 407.31, +17.29, +4.43%), with the latter contributing to the outperformance of the DJIA.

The energy sector (-1.5%) once again sits near the bottom of the standings as crude oil retreats modestly following steeper declines to start the week. The Associated Press reported that negotiators have finalized the draft of a deal to reopen the Strait of Hormuz, but it needs to be approved by Iran's Supreme Leader.

After two powerful sessions to start the week, today's mixed action appears more characteristic of consolidation than a broader shift in sentiment. With earnings season still in full swing and geopolitical headlines continuing to influence oil prices, investors remain focused on whether the market can regain its recent upward momentum.

Reviewing today's data:

• Weekly MBA Mortgage Applications Index -2.9%; Prior -6.4%
• July ADP Employment Change 44K (Briefing.com consensus 75K); Prior was revised to 95K from 98K
• July S&P Global U.S. Services PMI - Final 54.6; Prior 53.6
• July ISM Non-Manufacturing Index 54.1% (Briefing.com consensus 54.7%); Prior 54.0%
  • The key takeaway from the report is the understanding that services sector activity continues to run at a solid pace despite the persistence of ongoing cost pressures.

[BRIEFING.COM] The major averages remain mixed just after midday.

Alphabet (GOOG 360.04, -15.32, -4.08%) has made a sharp move lower just after midday after The Wall Street Journal reported that Google Chief Scientist Jeff Dean is departing to launch an AI startup focused on scientific discovery.

Combined with an intraday retreat in Meta Platforms (META 583.28, -4.66, -0.79%) and weakness across telecom stocks amid potential future competition from SpaceX (SPCX 115.44, -9.89, -7.89%), the communication services sector (-2.6%) is now the worst-performing S&P 500 sector.

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (-0.3%), and DJIA (+0.8%) are mixed at midday.

Advanced Micro Devices (AMD 487.04, -31.54, -6.08%) is a laggard today despite beating expectations in its Q2 report last night. Overall, this was a strong report from AMD that continues to highlight the robust tailwinds powering its Data Center business across server CPUs and Instinct accelerators. AMD reiterated its Advancing AI outlook for the high-performance and AI computing market to approach $2 trillion by 2030, including approximately $1.4 trillion for Data Center AI accelerators and $220 billion for server CPUs, highlighting the substantial opportunity ahead. The Helios ramp, large customer commitments, strong demand, and upcoming EPYC processors support another step-up in the second half and a strong 2027 growth outlook. Margins remain a watch point as AMD scales its Data Center AI business, which currently carries gross margin slightly below the corporate average, while yields improve during the early Helios ramp. AMD will need to show that accelerating AI revenue can translate into sustained margin expansion as Helios becomes a more meaningful contributor beginning in Q4.

While the PHLX Semiconductor Index (-0.7%) is lower today, NVIDIA (NVDA 219.16, +7.22, +3.41%) remains a mega-cap standout after SpaceX (SPCX 114.55, -10.78, -8.60%) said on its earnings call that the company plans to build exclusively on NVIDIA's Vera Rubin architecture, which management views as the best AI-computing architecture.

[BRIEFING.COM] The S&P 500 (+0.1%) and DJIA (+0.8%) claimed fresh all-time highs this morning, while the Nasdaq Composite (-0.1%) moves modestly lower amid some weakness in certain mega-cap tech names.

Earnings continue to be a key driver of action as Walt Disney (DIS 100.28, +2.10, +2.14%) and Amgen (AMGN 407.72, +17.70, +4.54%) contribute to the DJIA's outperformance, while SpaceX (SPCX 115.12, -10.21, -8.15%) and Advanced Micro Devices (AMD 481.77, -36.81, -7.10%) weigh on the Nasdaq Composite.

Action at the sector level mirrors that of the previous sessions this week, with most S&P 500 sectors trading higher while the defensive utilities (-1.4%) and consumer staples (-0.8%) sectors lag alongside the real estate sector (-0.8%). Though it is also defensive in nature, the health care sector (+0.7%) moves higher after solid earnings results from its largest component, Eli Lilly (LLY 1140.69, +25.01, +2.24%).

Elsewhere, the energy sector (-1.6%) continues to retreat as crude oil prices remain stable today amid more reports that the U.S. and Iran could soon reach a deal to reopen the Strait of Hormuz.

Outside the S&P 500, the Russell 200 (-0.2%) and S&P Mid Cap 400 (-0.1%) hold modest losses.

[BRIEFING.COM] The S&P 500 (+0.3%) and DJIA (+1.0%) remain higher while the Nasdaq composite (+0.1%) now oscillates around its flatline as select mega-cap tech names face pressure.

SpaceX (SPCX 115.44, -9.88, -7.89%) is sharply lower today after making a strong move into its first public quarterly report last night. Q2 was operationally strong, with revenue surging 92% year-over-year to $7.81 billion, nicely above expectations, while net loss narrowed to $541 million and adjusted EBITDA nearly tripled to $3.54 billion. Revenue growth also accelerated across all three segments. However, investors appear focused on the significant capital spending required as SpaceX scales its AI, Starlink, and Starship ambitions. With SpaceX's lofty valuation still reflecting its longer-term ambitions more than its current earnings and cash-flow profile, investors appear unwilling to look past the capital intensity despite the Q2 beat. For now, the report reinforces the potential of SpaceX's integrated launch, connectivity, and AI model, but also the substantial spending and execution it requires.

Meanwhile, Advanced Micro Devices (AMD 480.01, -38.57, -7.44%) continues to move lower after its own earnings release, pressuring the PHLX Semiconductor Index (-1.1%).

[BRIEFING.COM] The S&P 500 (+0.4%), Nasdaq Composite (+0.3%), and DJIA (+1.1%) trade in a relatively stable range. There is some early volatility in semiconductor stocks (the PHLX Semiconductor Index is now down 0.8%), and several more defensive-oriented sectors hold losses, but the broader market largely maintains its early gains.

The ISM Services PMI edged up to 54.1% in July (Briefing.com consensus: 54.7%) from 54.0% in June. The dividing line between expansion and contraction is 50.0%, so the July reading reflects services sector activity growing at roughly the same pace as the prior month.

The key takeaway from the report is the understanding that services sector activity continues to run at a solid pace despite the persistence of ongoing cost pressures.

[BRIEFING.COM] The S&P 500 (+0.6%), Nasdaq Composite (+0.2%), and DJIA (+1.2%) are off to another solid start this morning, buoyed by earnings strength in select names, an early reversal across semiconductor stocks, and stable oil prices. The S&P 500 and DJIA are charting fresh record highs as a result.

Strength is relatively broad, with seven S&P 500 sectors moving higher. The materials sector (+1.7%) is once again near the top of the leaderboard as Newmont Corporation (NEM 103.93, +6.20, +6.34%) and Freeport-McMoRan (FCX 69.73, +2.43, +3.61%) continue to benefit from rising precious metals prices.

The health care sector (+1.5%) is another top mover as its largest component, Eli Lilly (LLY 1186.82, +71.14, +6.38%), receives a boost from its latest earnings report. 

The information technology sector (+0.6%) also trades higher as the PHLX Semiconductor Index (+0.6%) quickly turned a lower open into a decent gain. Advanced Micro Devices (AMD 490.30, -28.28, -5.45%) trades lower after earnings but is off its worst overnight levels.

Meanwhile, the utilities (-0.4%), real estate (-0.4%), and health care (-0.1%) sectors all continue to struggle this week amid strength in more growth-oriented sectors. The energy sector (-0.6%) lags as crude oil retreats again, with AP News reporting that Negotiators have finalized the draft of a deal to reopen the Strait of Hormuz, but it needs to be approved by Iran's Supreme Leader.

On the economic data front, the final reading of the July S&P Global U.S. Services PMI registered at 54.6, up from the prior reading of 53.6.

The ISM Services PMI slightly increased to 54.1% in July (Briefing.com consensus: 54.7%) from 54.0% in June.

The stock market remains on track to push further into record territory this morning as strong earnings growth continue to be a driving factor.

Second-quarter earnings have been considerably stronger than expected. According to FactSet, the blended earnings growth rate for the S&P 500 stands at 50.1%, far above the 18.3% growth rate analysts projected at the end of the first quarter. While unusually large gains on equity investments at several companies have inflated the headline figure, underlying earnings growth is still comfortably exceeding expectations.

The S&P 500 futures currently trade 19 points above fair value. 

Equity indices in the Asia-Pacific region climbed on Wednesday with South Korea's Kospi (+3.8%) closing at its best level in nearly a week. China's RatingDog Services PMI (50.4) decelerated in July, reflecting a near standstill in growth in the services sector. New Zealand reported strong employment figures for Q2, though an increase in the participation rate to 70.7% from 70.4% resulted in a higher unemployment rate (5.6% from 5.4%). The Reserve Bank of India left its policy rate at 5.25%, as expected, noting that core inflation remains benign.

• In economic data:
  • China's July RatingDog Services PMI 50.4 (expected 53.7; last 54.1)
  • Japan's June Overall Wage Income 3.4% yr/yr, as expected (last 3.3%) and Overtime Pay 2.8% yr/yr (last 2.8%). July Services PMI 51.2 (expected 51.9; last 52.2)
  • Hong Kong's July Manufacturing PMI 51.0 (last 52.0)
  • Australia's July AIG Manufacturing Index -19.6 (last -16.8) and AIG Construction Index -40.6 (last -38.1). July Services PMI 53.6 (expected 53.0; last 50.5)
  • New Zealand's Q2 Labor Cost Index 0.7% qtr/qtr (expected 0.6%; last 0.5%); 2.1% yr/yr (last 2.0%). Q2 Employment Change 0.5% qtr/qtr (expected 0.1%; last 0.2%), Q2 Unemployment Rate 5.6% (expected 5.4%; last 5.4%) and Participation Rate 70.7% (last 70.4%)
  • India's July Services PMI 53.3 (expected 53.1; last 57.4)
  • Singapore's June Retail Sales 1.0% m/m (last -2.2%); 4.0% yr/yr (last 2.9%)

---Equity Markets---

• Japan's Nikkei: +3.7%
• Hong Kong's Hang Seng: +0.2%
• China's Shanghai Composite: +1.5%
• India's Sensex: +0.2%
• South Korea's Kospi: +3.8%
• Australia's ASX All Ordinaries: +1.0%

Major European indices trade near their flat lines while Spain's IBEX (+0.5%) outperforms with industrial and consumer names among the leaders. Siemens Energy reported strong quarterly results while DHL affirmed its guidance. The U.K. is planning to provide about GBP9 bln in infrastructure support for housing and businesses. Italy's Economy Minister Giorgetti said that his country will use extra deficit allowances for energy and defense spending.

• In economic data:
  • Eurozone's July Services PMI 52.0 (expected 51.9; last 50.0). July PPI -0.3% m/m (expected -0.2%; last 0.2%); 4.6% yr/yr, as expected (last 5.9%) o Germany's July Services PMI 49.8 (expected 49.6; last 48.6)
  • U.K.'s July Services PMI 52.1 (expected 51.8; last 48.8)
  • France's July Services PMI 49.6 (expected 49.8; last 46.8)
  • Italy's July Services PMI 52.5 (expected 51.0; last 50.2)
  • Spain's July Services PMI 53.8 (expected 54.9; last 54.2)

---Equity Markets---

• STOXX Europe 600: +0.3%
• Germany's DAX: +0.1%
• U.K.'s FTSE 100: +0.5%
• France's CAC 40: +0.1%
• Italy's FTSE MIB: +0.4%
• Spain's IBEX 35: +0.5%

The S&P 500 futures currently trade 20 points above fair value.

Just released, the ADP Employment Change Report showed 44,000 private-sector payrolls added in July (Briefing.com consensus: 75,000), down from a downwardly revised prior change of 95,000 (from 98,000).

Equity futures point to a higher open again this morning as stocks look to add to what has been an exceptional week so far. Yesterday's action saw the S&P 500 and DJIA both notch record highs as strong earnings, renewed momentum across semiconductor names, and easing oil prices led the market higher.

Investors have plenty of earnings reports to assess this morning, including several notable mega-cap names and Dow components.

Meanwhile, oil prices are steady around their flatline after two sharp retreats to start the week. Axios reported that the U.S., Iran, and Oman are nearing an interim agreement to reopen the Strait of Hormuz, which could be announced today. The interim agreement will last 60 days and could be extended.

The market has several economic data releases to look forward to this morning, including the July ISM Non-Manufacturing Index (Briefing.com consensus 54.7%). The MBA Mortgage Applications Index for the week ended August 1 decreased 2.9% from a prior decrease of 0.3%.

In corporate news:

• Advanced Micro Devices (AMD 478.38, -40.20, -7.8%) beat EPS expectations by $0.04, beat revenue expectations, and guided Q3 revenues in-line.
• Eli Lilly (LLY 1,169.00, +53.32, +4.8%) beat EPS expectations by $2.37 and beat revenue expectations. Worldwide Mounjaro revenue was up 91%. The company slightly lowered the high end of its FY26 EPS guidance range (still above consensus) and raised its revenue guidance.
• SpaceX (SPCX 111.75, -13.58, -10.8%) beat EPS expectations by $0.14 and beat revenue expectations.
• Walt Disney (DIS 100.85, +2.67, +2.7%) beat EPS expectations by $0.20, reported revenues in-line, and reaffirmed its FY26 EPS guidance.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region climbed on Wednesday with South Korea's Kospi (+3.8%) closing at its best level in nearly a week. Japan's Nikkei: +3.7%, Hong Kong's Hang Seng: +0.2%, China's Shanghai Composite: +1.5%, India's Sensex: +0.2%, South Korea's Kospi: +3.8%, Australia's ASX All Ordinaries: +1.0%.

In news:

• China's RatingDog Services PMI (50.4) decelerated in July, reflecting a near standstill in growth in the services sector.
• New Zealand reported strong employment figures for Q2, though an increase in the participation rate to 70.7% from 70.4% resulted in a higher unemployment rate (5.6% from 5.4%).
• The Reserve Bank of India left its policy rate at 5.25%, as expected, noting that core inflation remains benign.

In economic data:

• China's July RatingDog Services PMI 50.4 (expected 53.7; last 54.1)
• Japan's June Overall Wage Income 3.4% yr/yr, as expected (last 3.3%) and Overtime Pay 2.8% yr/yr (last 2.8%). July Services PMI 51.2 (expected 51.9; last 52.2)
• Hong Kong's July Manufacturing PMI 51.0 (last 52.0)
• Australia's July AIG Manufacturing Index -19.6 (last -16.8) and AIG Construction Index -40.6 (last -38.1). July Services PMI 53.6 (expected 53.0; last 50.5)
• New Zealand's Q2 Labor Cost Index 0.7% qtr/qtr (expected 0.6%; last 0.5%); 2.1% yr/yr (last 2.0%). Q2 Employment Change 0.5% qtr/qtr (expected 0.1%; last 0.2%), Q2 Unemployment Rate 5.6% (expected 5.4%; last 5.4%) and Participation Rate 70.7% (last 70.4%)
• India's July Services PMI 53.3 (expected 53.1; last 57.4)
• Singapore's June Retail Sales 1.0% m/m (last -2.2%); 4.0% yr/yr (last 2.9%)

Major European indices trade near their flat lines while Spain's IBEX (+0.5%) outperforms with industrial and consumer names among the leaders. STOXX Europe 600: -0.1%, Germany's DAX: UNCH, U.K.'s FTSE 100: -0.3%, France's CAC 40: +0.1%, Italy's FTSE MIB: +0.3%, Spain's IBEX 35: +0.5%.

In news:

• Siemens Energy reported strong quarterly results while DHL affirmed its guidance.
• The U.K. is planning to provide about GBP9 bln in infrastructure support for housing and businesses.
• Italy's Economy Minister Giorgetti said that his country will use extra deficit allowances for energy and defense spending.

In economic data:

• Eurozone's July Services PMI 52.0 (expected 51.9; last 50.0). July PPI -0.3% m/m (expected -0.2%; last 0.2%); 4.6% yr/yr, as expected (last 5.9%) o Germany's July Services PMI 49.8 (expected 49.6; last 48.6)
• U.K.'s July Services PMI 52.1 (expected 51.8; last 48.8)
• France's July Services PMI 49.6 (expected 49.8; last 46.8)
• Italy's July Services PMI 52.5 (expected 51.0; last 50.2)
• Spain's July Services PMI 53.8 (expected 54.9; last 54.2)

[BRIEFING.COM] Stocks extended Monday's rally with another powerful advance as strong post-earnings reactions and a sharp rebound across semiconductor stocks continued to fuel the market's recovery. The S&P 500 rose 1.8% to claim record highs and close above the 7,700 level for the first time, while the DJIA gained 1.7%, also notching record highs. The technology-heavy Nasdaq Composite outperformed with a 2.6% gain, while the Russell 2000 (+1.9%) and S&P MidCap 400 (+1.8%) also posted strong advances, with the MidCap 400 finishing at a fresh all-time high.

Corporate earnings continued to shape leadership across the market, with investors rewarding strong results while rotating back into many of the technology names that struggled throughout July. The information technology sector climbed 4.1% as the PHLX Semiconductor Index surged 6.6%, extending yesterday's reversal with another broad-based advance. Marvell (MRVL 218.59, +24.82, +12.81%), Intel (INTC 100.94, +9.94, +10.92%), and Sandisk (SNDK 1427.62, +139.59, +10.84%) were among the group's standout performers, while software stocks also enjoyed another strong session. Palantir Technologies (PLTR 162.61, +36.96, +29.42%) finished as the S&P 500's top performer following its blowout earnings report, lifting the iShares Expanded Tech-Software Sector ETF (IGV) 4.7%.

The market's largest technology companies also remained a major source of strength. Microsoft (MSFT 492.81, +5.16, +1.06%) and NVIDIA (NVDA 211.94, +5.30, +2.56%) added to Monday's gains, while the broader rebound across semiconductor stocks helped reinforce the technology sector's leadership after a difficult July.

Outside of technology, several cyclical sectors also contributed meaningfully to the advance. The materials sector (+2.0%) benefited from continued strength in Freeport-McMoRan (FCX) as precious metals prices climbed, while the industrials sector (+1.8%) drew support from gains in electrical equipment stocks and a strong post-earnings rally in Caterpillar (CAT 876.54, +46.51, +5.60%) after the company delivered a beat-and-raise quarter.

The financials sector (+0.9%) also finished firmly higher, with Goldman Sachs (GS 1052.98, +25.92, +2.52%) and JPMorgan Chase (JPM 357.52, +4.88, +1.38%) helping lift the DJIA to another record close.

Although technology once again accounted for much of the index-level advance, participation broadened noticeably throughout the day. The S&P 500 Equal Weight Index climbed 1.4% after trailing the market-weighted index by a wider margin for most of the session. The strong gains in the Russell 2000 and S&P MidCap 400 further underscored investors' willingness to move beyond the market's largest companies.

Five S&P 500 sectors nevertheless finished lower as investors rotated away from more defensive areas of the market. The utilities (-0.6%) and health care (-0.1%) sectors lagged amid today's risk-on tone, with NRG Energy (NRG 117.04, -21.43, -15.48%) weighing on the former after missing earnings expectations.

The energy sector (-0.5%) also finished lower as WTI crude oil futures settled down $4.63 (-5.8%) at $75.73 per barrel after Treasury Secretary Scott Bessent said the U.S. and Iran could soon reach an agreement to reopen the Strait of Hormuz, helping send Treasury yields lower across the curve.

The consumer discretionary (-0.5%) faced pressure as Amazon (AMZN 277.42, -6.60, -2.32%) gave back a portion of yesterday's post-earnings gain. Aptiv (APTV 47.72, -9.51, -16.62%) slumped following a revenue miss, while Chipotle Mexican Grill (CMG 33.83, -3.64, -9.70%) sold off intraday after reports of a possible salmonella outbreak.

Elsewhere, the real estate sector (-0.1%) posted a modest decline as Alexandria RE (ARE 48.87, -4.16, -7.84%) weakened following its quarterly results.

The market's tone continues to improve after July's semiconductor-driven pullback, with investors increasingly rewarding strong corporate results while easing geopolitical tensions provide an additional tailwind. Attention now turns to another busy stretch of technology earnings, with Advanced Micro Devices (AMD 518.58, +33.94, +7.00%) and SpaceX (SPCX 126.06, +11.53, +10.07%) set to report after the bell, providing the next important test of whether mega-cap tech leadership can continue through the early stages of August.

U.S. Treasuries extended Monday's rebound from their July plunge, though even with today's steady buying, yields only made it back to their highs from May. The 2-year note yield settled down five basis points to 4.20%, and the 10-year note yield settled down six basis points to 4.63%.

• Russell 2000: +22.4% YTD
• S&P Mid Cap 400: +17.0% YTD
• Nasdaq Composite: +14.4% YTD
• S&P 500: +13.0% YTD
• DJIA: +12.5% YTD

Reviewing today's data:

• June Trade Balance -$73.3 bln (Briefing.com consensus -$73.0 bln); Prior -$77.6 bln
  • The key takeaway from the report is that, while the real goods deficit narrowed to $94.5 billion in June from $99.8 billion in May, the Q2 average is still 18% greater than the Q1 average, so it will be factored in as a drag on Q2 GDP.
• June Factory Orders -0.3% (Briefing.com consensus 0.2%); Prior was revised to -1.1% from -1.3%
  • The key takeaway from the report is rooted in the strong business investment activity, which shows up in the 1.2% increase in new orders for capital goods, excluding aircraft, that followed a 1.9% increase in May.
• June JOLTs - Job Openings 7.359 mln; Prior was revised to 7.537 mln from 7.594 mln