Home prices in May were 19.7% higher compared with the same month last year, according to the S&P CoreLogic Case-Shiller National Home Price Index. This marks the second month of slower increases, as the housing market cools due to higher mortgage rates and increasing concern over inflation. Cities seeing the strongest gains were Tampa, Miami and Dallas.
The Conference Board Leading Economic Index, a gauge of the economic outlook over the next three to six months, fell 0.8 percent in June to 117.1, the fourth consecutive month of decline. Consumer pessimism about future business conditions, moderating labor market conditions, falling stock prices, and weaker manufacturing new orders drove the LEI's decline in June.
General Motors reported second-quarter earnings this morning that missed Wall Street’s estimates after the company was unable to ship nearly 100,000 vehicles by quarter-end due to parts shortages. But the company maintained its previous earnings guidance for the full year, saying it’s confident it will be able to ramp up production in the second half of 2022. It also confirmed it has locked in sufficient supplies of critical battery-related materials to support its mid-decade EV plans.