S&P500 -0.89%(2,754.88); NASDAQ -0.69% (7,692.82); DJIA -2.03% (24,580.89)
This week’s reports:
- June’s Markit Manufacturing PMI (prelim.) remained unchanged from May’s 54.6. Services PMI (prelim.) fell to 56.5 from May’s 56.8. Composite PMI (prelim.) fell to 56.0 from May’s 56.6.
- June’s Philadelphia Fed Manufacturing Index fell to 19.9 from May’s 34.4.
- June’s NAHB Housing Market Index fell to 68 from May’s 70.
- May’s Housing Starts rose 5.0% from April’s -3.1%. Building Permits fell 4.6% from April’s -0.9%.
- May’s Existing Home Sales fell 0.4% from April’s -2.7%.
- Initial Jobless Claims for the week ending June 15th fell by 3K to 218K. Continuing Jobless Claims for the week ending June 8th rose by 22K to 1,723K.
- US stocks fell after a volatile week, with the DJIA index posting its biggest loss since March, on escalating tariff tensions. Shares of industrial firms, agricultural companies and auto makers led the declines as investors feared they could suffer under tighter trade conditions.
- President Trump asked his administration to identify an additional $200 billion of Chinese goods that would be penalized with tariffs. He then threatened to impose a 20% tariff on European cars after the European Union began imposing duties on US products.