The Market Bull – July 5, 2019
The major averages finished with small losses after a better than expected job report cast doubt on interest rate cuts early. Since Monday the Standard and Poors 500 Index is up 19 points or .6%, while the NASDAQ advanced 16 points or .2%.
REIS reports that the Mall Vacancy Rate was unchanged in the 2nd quarter at 9.3%. Rents increased .4% during the period in question. With store closures continuing to plague the bloated retail sector, the outlook for mall vacancy rates isn’t positive.
The Bureau of Labor Statistics June Employment Report surprised to the upside with a much better than expected 224,000 new jobs. Previous months were revised down by 11,000. The average workweek was unchanged at 34.4 hours. Average hourly earnings increased .2% for the month and 3.1% from a year ago, a little below expectation. The unemployment rate increased to 3.7%, the labor force participation rate advanced to 62.9%. Completely at odds with the anemic ADP Employment Report earlier this week.
Standard and Poors 500 Index closed at: 2,990.41 down 5.41
NASDAQ finished the day: 8,161.79 down 8.44
Gold ended trading at: $1,402.10 down $18.80