Stocks rose with technology leading the way and OPEC increased its daily quota slightly.
ISM non-manufacturing prices dropped while factory orders rose far more than expected.
• OPEC pumps a little more oil.
• In welcome news for inflation, ISM non-manufacturing prices plummet to the lowest reading since February of 2021.
• Better than expected factory orders reflect strong demand for products.
• Fed leaders pledge credibility.
Headlines of the Day
Stocks Rally on Tech Earnings
Better-than-expected tech earnings help move stocks higher.
Oil Swings as OPEC+ Agrees to Small Hike Citing Demand Concerns
Alliance to raise output by 100,000 barrels a day in September.
Stock Bulls Defy Bond Pessimism With Visions of Soft Landing
S&P 500 rallies; services report comes in better than expected. We’re back in the range of acceptable, Hogan says of 10-year.
Fed Leaders Pledge Tough Fight to Keep Inflation Credibility
Big rate hikes boost central bank credentials, Bullard says. A recession could happen, both Barkin and Kashkari say.
Economic Data Results for 7-13-2022
MBA Mortgage Applications 29/JUL
Mortgage applications in the US increased 1.2% in the last week of July, the first rise in five weeks, as both the refinance index (1.5%) and the purchase one (1%) went up.
Factory Orders MoM JUN
New orders for US manufactured goods jumped 2% month-over-month in June of 2022, extending the upwardly revised 1.8% rise in May and well above market forecasts of a 1.1% increase, reflecting strong demand for products.
United States ISM Non-Manufacturing Prices
The ISM Non Manufacturing Prices subindex in the United States decreased to 72.30 points in July from 80.10 points in June of 2022. It is the lowest reading since February of 2021.
ISM Non-Manufacturing Employment
The ISM Non Manufacturing Employment subindex in the United States increased to 49.10 points in July from 47.40 points in June of 2022.
Economic Data Due Tomorrow on 7-14-2022
Challenger Job Cuts JUL
Jobless Claims 4-week Average 30/JUL
Continuing Jobless Claims 23/JUL
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