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Daily Market Report 6/21/19
http://MikesDailyMarketReport.com: Both Manufacturing and Services Sectors are shrinking according to the Markit Flash PMI Indices. The Markit Flash Manufacturing PMI dropped from 50.5 in May to 50.1 in June. The Markit Flash Services PMI dropped from 50.9 in May to 50.7 in June. Anything above 50 in these indices indicates expansion, so they're approaching a contraction level, if they continue this path. However, we did get good news from the Housing Sector, which Existing Home Sales jumped Up from 5.19 million annualized units to 5.34 million in May. This was a 2.5% Month-over-Month Increase; however, April was revised higer, so without the revision, the MoM would be closer to 3.0% improvement. Stocks are trading in Mixed Territory. S&P are down today, after it hit record territory yesterday, so it's taking a bit of a breather today. A few members of the Fed are speaking, which reiterates the possibility of a rate cut coming in July. However, this may turn into a possible debate of how much of a cut, .25% or .50%? Investors are still optimistic that the US and China will return to the table to complete Trade negotiations. Also, on the minds is the escalating tension between the US ... more
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