S&P500 -0.30%(2,431.77); NASDAQ -1.55% (6,207.92); DJIA +0.31% (21,271.97)
This week’s reports:
- Q1 2017 Non-Farm Productivity was unchanged from Q4 2016 when it fell 0.6%. Unit Labor Costs rose 2.2% from Q4 2016’s +3.0%.
- April’s Consumer Credit rose $8.2 billion, the slowest growth in consumer credit since 2011, from March’s +$19.54 billion. The revolving credit slowed sharply in April, rising by 1.8% annual pace.
- May’s Markit Services PMI fell to53.6 from April’s 54.0. Markit Composite PMI remained unchanged from April’s 53.9.
- May’s ISM Non-Manufacturing fell to 56.9 from April’s 57.5.
- April’s Factory Orders fell 0.2% from March’s +1.0%.
- Initial Jobless Claims for the week ending June 2nd fell by 10K to 245K. Continuing Jobless Claims for the week ending May 26th fell by 2K to 1,917K.
- US stocks were pulled down by a selloff in technology shares as companies from Apple Inc. to Nvidia Corp. tumbled. Even with the decline, the Nasdaq 100 remains up 18% in 2017, more than twice as much as the S&P 500.