02:31 PM EDT, 07/24/2024 (MT Newswires) -- The flash manufacturing reading from S&P Global fell to a seven-month low of 49.5 in July from 51.6 in June after regional data from the New York, Philadelphia, and Richmond Federal Reserve banks were mixed.

The ISM's national manufacturing reading will be released on Aug. 1.

Released at the same time, the flash services reading from S&P Global rose to 56.0 in July from 55.3 in June, suggesting a faster pace of expansion. The ISM's services reading is scheduled for release on Aug. 5.

The advance goods trade deficit narrowed to $96.84 billion in June from $99.37 billion in May, reflecting a large increase in exports partially offset by a small increase in imports. The full trade report is scheduled to be released on Aug. 6.

Advance wholesale inventories rose by 0.2% while advance retail inventories increased by 0.7%. Wholesale inventories will be updated on Aug. 8, while retail inventories are eligible for revision on Aug. 15.

New-home sales slowed to a 617,000 annual rate in June from an upwardly revised 621,000 rate in May, well below a 640,000 rate expected and down 7.4% from the level in June 2023. Home supply increased but the median sales prices also rose. The median price was slightly below its year-ago level.

The Mortgage Bankers Association reported a 2.2% decline in mortgage applications in the week ended July 19 after a 3.9% gain in the previous week. Refinancing activity rose slightly while new home applications declined despite a drop in mortgage rates.

Total crude oil inventories fell by 3.1 million barrels in the week ended July 19, with commercial oil inventories down 3.7 million barrels and stocks in the US Strategic Petroleum Reserve up 700,000 barrels. Gasoline inventories and distillate inventories both decreased last week.

The final Q2 GDPnow estimate from the Atlanta Fed is for a 2.6% gain, revised down from a 2.7% gain reported on July 17.