Consumer bellwether United Parcel Service (UPS) reported that second quarter profits declined by 4% as customers moved to lower price shipping companies. Revenues came in at $13.51 billion versus the $13.59 billion expected. UPS is considered a bellwether along with FedEx due to the high volume and large assortment of goods they move around the globe.
The Federal Housing Finance Agency (FHFA) reported today that housing prices rose 7.3% in the 12 months ended in May as buyers vied for a smaller amount of listings as inventories have declined. In addition, there was a 0.7% rise from April to May. The FHFA Housing Price Index measures transactions for single-family properties that are financed through Fannie Mae and Freddie Mac.
The closely watched S&P 500 Stock Index hit yet another closing record high (1,675) yesterday and can be attributed in part to the easy money policies from the Federal Reserve (the Fed). The Fed has been purchasing $85 billion a month in Treasury Securities and Mortgage Backed Securities in an effort to stimulate the economy and to ensure job growth.
There were no economic reports released today and the rest of the week's calendar is on the light side with readings on New Home Sales due out tomorrow and Weekly Initial Jobless Claims on Thursday.