Home Building Slow

Stocks dipped yesterday as investors sift through a slew of 2nd quarter earnings reports.
Amazon’s 2019 Prime Day was its biggest sales event yet. The company said it sold more than 175 million items over the course of the event, up from 100 million items last year. Amazon-branded electronics including the Echo Dot, Fire Stick, and other Alexa-enabled devices were among the top-sellers. Meanwhile, third-party sales volume topped $2 billion during this year’s Prime Day, up from $1.5 billion last year.

Construction of new houses fell slightly in June and permits sank to the lowest level in two years, suggesting a sluggish U.S. housing market has failed to gain much momentum from lower mortgage rates. Housing starts slipped 0.9% to an annual pace of 1.25 million last month. That’s how many homes would be built in 2019 if construction took place at same rate over the entire year as it did in June.

Shares of railroad giant CSX fell sharply after the company reported earnings that missed expectations. The CEO of the company said on the earnings call that the US economy was the most puzzling he has experience in his career.

Shares of United Airlines are higher after the company reported revenue and earnings that topped expectations. The company also increased their stock buyback program to $3 Billion