Daily Note | July 23, 2024 | FSD Merges Into ACP, AIF/AFT Goners, BANX, Rolls On

Markets are little changed and mixed this am as we got a very negative Philly Fed Services number (measures services activity in the Philadelphia area and not well). The reading came in at -19, vs an expectation of +2.

Richmond Fed also came out and was very weak with the 10th straight negative number.

Thirdly, June home sales slumped and is pointing to a…