Concerns about trade war hurting
The major US indices are trading lower as expected. The concerns about a global trade war are weighing on stocks:
- The S&P indexes down -11 points or -0.40% at 2771.45
- The NASDAQ is down -40 points or -0.52% at 7720.70
- The Dow industrial average is down 172 points or -0.69% at 25000
In the US debt market yields are lower as well:
- two-year 2.55%, -1.2 basis points
- five-year 2.75%, -2.0 basis points
- 10 year 2.906%, -2.9 basis points
- 30 year 3.026%, -2.7 basis points
Spot gold is selling off with the price now down $14 or -1.07% at $1288.21.
WTI crude oil futures are trading down $.39 or -0.55% at $66.52.
In economic news
- Empire manufacturing came in better-than-expected 25.0 versus 18.8 expectations.
- industrial production came in at -0.1% versus 0.2% expected. The prior month was revised higher however 20.9% from 0.7%
- At 10 AM ET, the Michigan sentiment for June preliminary will be released with an estimate of 98.5 versus 98.0 last month. Current conditions last month came in at 111.8. Expectations came in at 89.1 last month. The one-year inflation gauge was at 2.8% last month, and the 5 to 10 year inflation gauge was at 2.5%
