Stock Market Update
12-Aug-24 15:35 ET
Treasury Budget shows larger deficit than prior year
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The Treasury Budget for July showed a deficit of $243.7 billion compared to a deficit of $220.8 billion in the same period a year ago. The July deficit resulted from outlays ($574.1 billion) exceeding receipts ($330.4 billion). The Treasury Budget data is not seasonally adjusted so the July deficit cannot be compared to the June deficit, which was revised higher to $70.9 billion (from -$66.0 billion).
The key takeaway from the report is that the U.S. government continues to run large budget deficits, driven in part by net interest costs that are outweighing defense spending.
Home Depot (HD), Tencent Music (TME), Sea Limited (SE), Melco Resorts & Entertainment (MCLO), and others report earnings ahead of Tuesday's open.
