Shrug the News

Even though this mornings reports were pretty negative the equities remain a bit higher at the time of this post.

Corporate Profits:

After-tax corporate profits fell 11.1% in the first quarter down from a growth of 4.1% in the fourth quarter. $1.6+ Trillion is down 8.6% on the year.

U.S. 1st Quarter GDP:

GDP fell at a rate of 5.0% versus the 4.8% analysts expected yet consumer spending was revised higher to 6.8% from the 7.6% contraction previously.

Durable Goods Orders:

Durable Goods Orders fell 17.2% from a revised 16.6% decline in March. Declines are prevalent in all sectors with the exception of communication equipment which enjoyed an increase of 1.7% over the March gain of 0.6%.

Weekly Jobless Claims:

Well job losses again exceed 2.1 million bringing the number of unemployed to over 20 million since the shutdown. Initial claims exceed 41 million since mid-March. Last weeks claims were revised up to 2.446K from 2.438K

Pending Home Sales:

Contrary to new home sales pending home sales fell a dramatic 21.8% while only 15.0% was expected. The previous decline was 20.8%.