DC Lite #196

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1. CRE delinquencies. "The delinquency ratio for commercial real estate (CRE) loans across US banks rose 16 basis points in the second quarter to 1.40%."

2. Manufacturing jobs. "Manufacturing is not the economy."

3. JOLTS (I). Job openings fell more than expected, to the lowest level since January 2021. Quits and layoffs rates each ticked up but remain low.

4. Post-drop returns. "The good news is that these sorts of drops have led to above-average forward returns for semis. The bad news is that they’re not anywhere near as strong for the market overall."

5. Software spending intentions. "Software spending is now expected to grow 10.1% for 2024 (+140 bps from our Dec 2023 survey) and +11.3% for 2025 (+120 bps from our Dec ’23 survey)."