Registered Investment Adviser Caleb Lawrence
The major averages enter the final hour with large losses on another round of trade war rhetoric as Trump proposes an additional 100 billion in tariffs on Chinese goods. You can be quite sure that the Chinese will respond in kind shortly. Since Monday the Standard and Poors 500 Index and NASDAQ are about even despite what has been one of the most volatile trading weeks in recent memory.
The Bureau of Labor Statistics or BLS reports a considerably less than expected 103,000 new jobs in March. January was revised sharply lower with the jobs total for the month falling 63,000. The official unemployment rate marked a 6th consecutive month at 4.1%. Average workweek was unchanged at 34.5 hours. Average hourly earnings advanced .3%. The labor force participation rate fell to 62.9%. This was the weakest employment report since September of last year.
Since rising dramatically off its lows in December of 2017 Financial Stress as measured by the Saint Louis Fed Index continues to rise sharply up another 4 basis points in March to -.92 to reach a more than one year high.