Registered Investment Adviser Caleb Lawrence
The major averages enter the final hour mixed on generally positive data. Emerging market trouble grows as liquidity continues to decline. Various crypto currencies struggled higher in early trade. Bitcoin made it back above $6,500 after knocking on the door for a sub $6,000 print recently. Tariffs are set to be applied to nearly 900 Chinese goods Friday as Trump pushes the Trade war up to the next level.
Import prices increased .6% in May led by energy prices as has been the trend with price data for a while now. On a year ago basis import prices advanced 4.3%. Export prices climbed .6% for the month and 4.9% from a year ago.
Retail Sales handily beat expectations in May with a .8% advance on strength in Building Materials, Gasoline, Clothes and Food purchases. On a year ago basis consumer spending is up a respectable 5.9% driven by Trumps deficit funded tax cuts and a weakening US Dollar.
The Saint Louis Fed Financial Stress Index slipped to minus 1.15 last week about where it has been for the last month or so.