Data Deluge

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The Dow inches ever-closer to a new all-time high this morning, closing Monday regular trading above the 26K threshold and up another 60 points in today's pre-market. Positive sentiment regarding a new trade deal with Mexico has added fuel to the overall bullish vapors, with a lack of major economic data hitting the tape affecting markets either way.

That's not completely true, however: a new read on Advance Trade Goods for July showed a widening in our trade deficit - a revised improvement from -$68.3 billion to -$67.9 billion in June - by 6.3% to $72.2 billion. We look for analyst reports today on whether or not our current global rising tariff environment is affecting our current trade balance, but really: we didn't get to -$70+ billion in trade deficit overnight, nor over the past year and a half. These deficits are part of American finance, and have been so since the Alexander Hamilton days.

And home price growth is slowing again, according to the latest Case-Shiller index released this morning. This is a lagging indicator, posting results from June, but widely considered to be the most accurate in tracking the home-buying market. A headline of 6.2% nationwide growth in home sales is below the 6.5% expected and the 6.4% rate in May. Las Vegas, San Francisco and Seattle continued to see the highest home price growth, whereas Washington, Chicago and New York grew the slowest in the 20-city index.

And the Retail sector continues its healthy Q2 earnings results, with several more specialty retailers outperforming expectations ahead of the bell this morning:

Shares of discount shoe retailer DSW DSW are up 22% in today's early trading, posting a 34% positive earnings surprise to 63 cents per share in the just-reported quarter, up big from 39 cents in its Q1. Revenues zoomed past estimates to $793.7 million from the Zacks consensus $691 million. Same-store sales grew 9.7% year over year, and the Zacks Rank #2 (Buy)-rated company revised both full-year sales and earnings guidance notably higher. For more on DSW's earnings, click here.

Luxury retailer Tiffany & Co. TIF is also trading up, to the tune of 6% from Monday's close, on quarterly earnings of $1.17 that beat the $1.00 consensus on revenues of $1.076 billion that grew 12% year over year. Comps surged 8% year over year, led by an 18% gain in its Jewelry Collections segment. For more on TIF's earnings, click here.

And Best Buy BBY also beat estimates this morning, posting 91 cents per share from an estimated 83 cents, and 69 cents in the year-ago quarter. Sales of $9.38 billion surpassed expectations by more than a full percentage point, for the third positive revenue surprise in the past four quarters. However, shares are trading down 5% in pre-market activity on disappointing guidance for the full year. For more on BBY's earnings, click here.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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