US Economy: Big Q-2 GDP Numbers are Expected
$DIA, $SPY, $QQQ, $RUTX, $VXX
Thursday, investors will receive the 3rd estimate for Q-2 GDP +the weekly Initial Claims report.
US Treasury Secretary Steve Mnuchin says he’s expecting a “big Q-2 GDP number.”
Secretary Mnuchin said on TV Wednesday, that the US economy is strong due to President Donald Trump’s tax plan and deregulation initiatives.
“We’re excited. This is the six month anniversary of tax cuts. We’re expecting a big second quarter GDP number,” he said, “Let me just say I have no advance notice of what it looks like.”
The latest Atlanta Federal Reserve’s GDPNow forecast model showed last week that the US economy is growing at a 4.7% annualized rate in Q-2.
The latest estimate on GDP (gross domestic product) growth was slower than the 4.8% pace estimated on 14 June, the Atlanta Fed said.
Today, GDPNow update marked the number at 4.5%.
The next GDPNow update is Friday, 29 June.
“I have no idea whether it will be that high, but a year ago people were laughing when we talked about 3% GDP,” he said. “We have an economy that is here because of the President’s tax plan and the President’s regulatory relief and we always said trade is part of this.”
He also defended The Trump Administration’s decision to use legislation to strengthen investment controls, saying certain countries will receive heightened review under changes aimed at protecting US technology.
He said in the interview that the changes do not target China and he does not expect any significant economic effect from the enhanced review process. “This does not create more uncertainty,” he said.
Wednesday, the major US stock market indexes finished at: DJIA -165.52 at 24117.59, NAS Comp -116.54 at 7445.11, S&P 500 -23.43 at 2699.37
Volume: Trade on the NYSE came in at 895-M/shares exchanged
- NAS Comp +7.9% YTD
- Russell 2000 +6.8% YTD
- S&P 500 +1.0% YTD
- DJIA -2.4% YTD
HeffX-LTN’s US Major Stock Market Indexes Technical Analysis