The Market Bull – July 2, 2019
The major averages closed with small gains on a last-minute charge. Diminishing concerns over war with Iran and the Chinese trade war seemed to help.
30-year mortgage rate hit 3.875% to start the week as per the Mortgage News Daily. Rates have trended steadily lower since the start of the year after the Fed switched from a hawkish tone to a more dovish one as economic data softened, and the tariffs started to bite.
Like a number of other regional economic reports of late that have fallen sharply and struggle to remain in positive territory. The Institute for Supply Management – New York report is bouncing along in the neutral zone after a 1.4-point gain in June to 50. Improvements in employment were notable. Price data slipped hard to 57.3, as has the series as a whole having fallen by more than 35% in the last 2-months.
Auto Data reported that vehicle sales fell 1.2% in June to 17.2 million units annualized after domestic brands struggled to keep up with their imported counterparts.
Standard and Poors 500 Index closed at: 2,973.01 up 8.68
NASDAQ finished the day: 8,109.09 up 17.93
Gold ended trading at: $1,421.00 up $31.70