U.S. stocks were modestly lower this week. Despite strong economic data and a positive bi-lateral trade agreement with China, there were concerns over weak earnings reports from some retailers. International stocks were in-line with U.S. stocks despite the relief of a pro Eurozone centrist winning the French election. Oil prices rebounded due to inventory drawdowns in the U.S. and a report of falling production by OPEC. Other commodities generally had small gains. The dollar rose. Treasury rates were mostly unchanged.
In the numbers this week:
- The Labor Department reported
- Import prices rose 0.5% in April from a month earlier and 4.1% from a year ago. Excluding petroleum import prices rose 0.4%.
- Export prices rose 0.2% in April and 3.0% from a year ago.
- First time claims for unemployment fell 2,000 to a seasonally adjusted 236,000 in the prior week. The four-week moving average of claims rose 500 to 243,500.
- The producer price Index for final demand rose 0.5% in April and 2.5% from a year ago. Excluding volatile food and energy, producer prices rose 1.9% from a year ago.
- The consumer price index rose a seasonally adjusted 0.2% in April from the prior month. Excluding volatile food and energy prices rose 0.1%. From a year earlier prices in April were up 2.2% and excluding food and energy were up 1.9%.
- The Energy Information Administration’s Weekly Petroleum Data report is attached.
- The Energy Information Administration reported
- Weekly field production of crude oil increased 21,000 barrels per day in the prior week.
- Natural gas in storage rose 45 Bcf from the prior week. Please call us if you have any questions.
- Baker Hughes reported that oil drilling rigs increased by 9 to 712. Gas drilling rigs fell 1 to 172.
- The Commerce Department reported that consumer prices rose 0.2% in April. From a year ago, consumer prices were up 2.2%. Excluding volatile food and energy prices were up 0.1% in April and 1.9% from a year ago.
Please call us if you have any questions.
Loren C. Rex, CFP®, AIF®, MA Erik Smith
Generations Financial Planning & Wealth Management 269-441-4143
77 E. Michigan Ave, Suite 140
Battle Creek, MI 49017
Carrie Fuce, Assistant 269-441-4091
Toll Free: 800-513-8180
Visit our Website: www.genfinplan.com
Registered Representative of and securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Generations Financial Planning & Wealth Management are separate companies and are not affiliated.
These are the opinions of Loren Rex and Erik Smith and are not necessarily those of Cambridge, are for informational purposes only, and should not be construed or acted upon as individualized investment advice.