The Market Bull – June 11, 2019
The major averages couldn’t hold their early gains closing about even despite generally positive economic data. News on trade wars, and interest rates were noticeably absent.
The May Producer Price Index advanced .1% as expected on a large .3% jump in services prices. On a year ago basis price gains slipped to 1.9%, just below the Fed’s stated 2% target. While tariffs have yet to make their presence felt in this series, over time they most certainly will as businesses raise prices.
Like Las Vegas, Seattle managed a small real estate sales gain in April after sales came in 5.6% higher than last year. Inventory surged 124% from a year ago, worth noting as huge jumps in inventory usually signal trouble ahead for real estate markets. That said inventory for sale remains low at 1.76 month’s supply for the metropolitan statistical area.
Standard and Poors 500 Index closed at: 2,885.72 down 1.01
NASDAQ finished the day: 7,822.57 down .60
Gold ended trading at: $1,331.50 up $.30