Stocks continue to move higher and tacked on another 143 points to close at 24,919. Trading volume was off a bit from yesterday and earnings reports get started in earnest this week. So far 20 of the companies in the S&P 500 Index have reported and the results are good. Later this week the big banks, Wells Fargo, JP Morgan and Citigroup will report earnings. IBD still has markets listed as “rally under pressure” while BTS is showing a green light.
The economy continues to look good. Labor markets are robust and while this is just anecdotal evidence, I talked to an electrical contractor in the Seattle area and he said they are booked out till late 2020 with big jobs and no sign of a slowdown. He continues to look for workers as there is tight supply of labor. In terms of raw material, there are currently no price increases in steel, aluminum and copper.
Boeing announced the number of orders it has booked for the year and in short, they are blowing Airbus out of the park. For the first six months at the Lazy B, net orders stood at 460 while Airbus has tallied 206 net orders in the same period. Both companies are expected to book orders at next weeks Farnborough Airshow in the UK where Boris “Bo-Jo” Johnson will be flying solo. In terms of delivery, Boeing delivered 377 commercial aircraft over the past 6 months. 787 And 737 deliveries were up while 777 deliveries were down. The company will report earnings on July 25th.