eAdvantage Logout

Thanks for using eAdvantage. Click here to log back in.

From the Desk - Economic Commentary

Brandon Casey, Member Strategist - 7/18/2024

U.S. stocks are mixed Wednesday morning as investors move out of large tech companies. Both the S&P 500 and Nasdaq plummeted after the opening bell, falling more than 1% and 2%, respectively. The DJIA edged higher. Traders now see the likelihood of a September rate cut at 100%.

Looking at economic data today, U.S. housing starts rose 3.0% in June to an annual rate of 1.35 million, surpassing expectations. Single-family starts were down 2.2% to an annual rate of 980,000. Building permits were up 3.4% to an annual rate of 1.45 million, also above expectations.

Elsewhere, industrial production increased 0.6% in June, doubling expectations. Manufacturing was up 0.4% for the month, also doubling expectations. Capacity utilization increased to 78.8%

U.S. Treasury yields are higher this morning, with the 2-year Treasury yield up 1.8 basis points to 4.47%, the 5-year Treasury yield up 2.8 basis points to 4.12%, and the 10-year Treasury yield up 2.3 basis points to 4.19%. Advance rates are mostly higher today.

Subscribe to our daily From the Desk newsletter to get economic commentaries and updated advance rates sent directly to your inbox. 

Subscribe Here