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Share the Wealth – May 30, 2018

 
 
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Registered Investment Adviser Caleb Lawrence

The major averages shrugged off yesterday’s losses and enter the final hour with large gains despite generally disappointing data.

1st quarter Gross Domestic Product or GDP was revised down to 2.2%, the slowest rate of growth in a year. Personal consumption was particularly weak, price data also fell markedly to a 3-quarter low.

The trade deficit increased fractionally in April to 68.2 billion. Exports slipped .5% to 139.6 billion while imports fell .5% to 207.8 billion. With the on again, off again trade war, increasing volatility in trade data should be expected.

Wholesale inventories were unchanged in April, after several meaningful gains. Retail inventories advanced .6%, the largest advance in 3-months.

Mortgage activity fell again last week as per the Mortgage Bankers Association or MBA Mortgage Activity Index as it slipped 2.9% last week a 6th consecutive decline. Purchase apps fell 1.9%, refi’s dropped 4.7%, the 30-year contract rate for a Jumbo loan slipped to 4.73%.

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