Good Monday Morning!
The stock markets are starting the week out in positive territory primarily due to news that Pfizer and BioNTech have each announced they will conclude their third round of clinical trials and submit vaccines for formal approval as early as October. The Nasdaq, which has a lot of tech stocks, is trading at its all-time high. There are two reports coming out tomorrow that will be significant as indicators of the health of our economic recovery. First, the Consumer Confidence index is expected to be reported at 93, a slight increase from July’s reading of 92.6. Any reading over 50 indicates improving consumer confidence. Since consumer spending makes up 70% of our economy, the Consumer Confidence index is an important indicator of future consumer spending. Second, July New Home Sales are projected at 785,000 units, an increase over June’s 776,000 units. Housing is an important driver of our economy and viewed as an important catalyst for our economic recovery.
Interest rates are holding steady and helping to keep housing affordable even as prices continue to rise.
Enjoy the week!