U.S. stocks had substantial gains this week while foreign stocks generally had slight losses, despite threats of tariffs on another $200BN of Chinese imports. The 10-year treasury yield was nearly unchanged while the U.S. dollar gained against a basket of currencies. Commodities including oil, gains and gold were lower for the week. Crude oil prices fell despite a large drawdown in U.S. inventories.
In the numbers this week:
- The Labor department reported
- First time claims for unemployment fell 18,000 to a seasonally adjusted 214,000 in the prior holiday week. The four week moving average of claims fell 1750 to a seasonally adjusted 223,000. The week before last week was revised u to 232,000.
- The producer-price index rose 0.3% in June and 3.4% from a year ago. Excluding volatile food and energy, producer-prices were also up 0.3% in June and 2.7% from a year ago.
- The consumer-price index rose 0.1% in June. Excluding volatile food and energy consumer prices rose 0.2%. From a year earlier, consumer prices rose 2.9% and 2.3% excluding volatile food and energy.
- Import prices fell 0.4% in June but are up 4.3% from a year ago. Excluding fuel, import prices fell 0.3% in June and 1.5% from a year ago.
- The Energy Information Administration weekly report is here wpsrsummaryattached. Also the EIA reported
- U.S. Crude oil production held steady at 10.9 million barrels per day.
- Storage of natural gas rose 51BN cubic feet.
- According to Baker Hughes, In the past week the number of active oil rigs was unchanged at 863 and the number of active gas rigs increased 2 to 189.
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Loren C. Rex, CFP®, AIF®, MA Erik A Smith
President Managing Partner
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
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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. The Indices mentioned are unmanaged and cannot be invested into directly.