Movers and shakers!
By John Thorpe, Senior Broker
Today’s News:
US MBA Mortgage Market Headline Recap (w/e 8/30)
**US MBA Mortgage Market Index w/e 8/30: 230.5 vs prior week 226.9, +1.6%
**US MBA Mortgage Purchase Index w/e 8/30: 136.1 vs prior week 131.8, +3.3%
**US MBA Mortgage Refinance Index w/e 8/30: 751.4 vs prior week 753.8, -0.3%
Redbook Weekly US Retail Sales Headline Recap
**Redbook Weekly US Retail Sales were +5.2% in the first four weeks of August 2024 vs August 2023
**Redbook Weekly US Retail Sales were +6.3% in the week ending August 31 vs yr ago week
Updated: September 4, 2024 9:01 am
**US July 2024 Job Openings and Labor Turnover Summary (JOLTS): 7.673 mln; prior month 8.20 mln
US Factory Orders and Revised Durable Goods Headline Recap
**US July Factory Orders: +5.0%; expected +4.4%
**US July Factory Orders ex-Defense:+5.1%
**US July Factory Orders ex-Trans: +0.4%
**US July revised Durable Goods: +9.8%; Advanced +9.9%
revised to 81.1 from 78.2
Fed Bostic: No panic among my business contacts but describe an economy and labor market losing momentum
Fed Bostic: Wage growth pulling back to level more conductive to price stability
**Linn & Associates updated their soybean production forecast today, pegging it at 4.585 billion bushels on a yield of 53.15 bpa, according to trade sources. Their estimate would imply record-high yields and output, and would compare to USDA August 2024 estimates of 4.589 billion bushels. Upcoming WASDE Sept 12th
**Linn & Associates updated their corn production forecast today, pegging it at 15.029 billion bushels on a yield of 182.25 bpa, according to trade sources. Their estimate compares to last year’s harvest of 15.342 billion, and USDA August 2024 estimates of 15.147 billion bushels. Upcoming Wasde Sept. 12th
Watch Tomorrow’s Movers and Shakers:
ADP @ 7:15 am CDT
Initial Jobless Claims 7:30 am CDT
S&P Global PMI Final 8:45 am CDT
ISM Services PMI 9:00 am CDT
Due to Labor Day Weekend, both crude oil and Natural gas numbers come out tomorrow.
Natural Gad at 9:30 Am Central
Crude oil at 10 AM Central
Earnings: Broadcom (AVGO) after the close
Daily Levels for September 5, 2024
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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.