Markets

Construction spending rose by 0.1% in July, below the 0.4% gain expected, as residential construction saw gains but nonresidential construction saw declines.

The overall economy grew for the 112th straight time, the Institute for Supply Management reported Tuesday.

A battle of the coasts brews this week as the New York City Transitional Finance Authority and the state of California will sell about $2.5 billion of muni bonds, a big chunk of the $3.6 billion holiday week calendar.

The week’s $3.6 billion new issue calendar will be dominated by New York City and California.

Fitch Ratings upgraded the city's issuer default rating to AA-minus from A-plus.

Monthly new-issue volume surpassed the $30 billion mark for the fourth time this year in August, helping keep third-quarter issuance close to last year's pace and potentially setting the stage for a more robust season of issuance in the Fall.

As cities continue to build upon their fiscally stable condition, a Michigan Senate bill was introduced that could hamper the continued growth and force residents – all taxpayers – to pay more for daily services and infrastructure, while limiting the ability of municipalities to finance vital capital infrastructure including roads, bridges, schools and more.

Municipal bond buyers will see $3.6 billion of volume hit the screens during the upcoming holiday-shortened trading week.

U.S. consumer sentiment fell by less than expected in August

The MNI Chicago Business Barometer slipped 1.9 points to a three-month low of 63.6 in August.