S&P500 +0.47%(2,886.98); NASDAQ +0.70% (7,796.66); DJIA +0.41% (26,089.61)
This week’s reports:
June’s Michigan Consumer Sentiment Index (prelim.) fell to 97.9 from May’s 100.0.
May’s CPI rose 1.8% y/y versus April’s +2.0% y/y. CPI ex Food & Energy rose 2.0% y/y versus April’s +2.1% y/y.
May’s Retail Sales rose 0.5% from April’s +0.3%. Retail Sales ex Autos rose 0.5%, the same as in April.
May’s Industrial Production rose 0.4% from April’s -0.4%. Capacity Utilization rose to 78.1% from April’s 77.9%.
April’s Business Inventories rose 0.5% from March’s zero change.
Initial Jobless Claims for the week ending June 7th rose by 3K to 222K. Continuing Jobless Claims for the week ending May 31st rose by 2K to 1,695K.
Global and US stocks lost ground on Friday as weaker-than-expected Chinese economic data rekindled woes about the health of the global economy, while fears of a new US-Iran confrontation intensified after the US said Iran was behind an attack on two oil tankers in the Gulf of Oman. The US chipmaker Broadcom added to downward pressure on stocks as it warned of a broad slowdown in demand due to trade tensions and the ban on Chinese Huawei Technologies.
Earlier in the week, gains in shares of energy companies and a batch of soaring initial public offerings helped boost US stock prices.