President Trump makes “monumental” decision, plans to issue executive order to protect monuments.
Apple dumps Intel in move to control more aspects of what goes into its products.
Seattle mayor moves to shut down protest zone following weekend shootings.
CURRENT MARKET DRIVERS
Futures rebound after Trump advisor walks back comments on China trade deal.
Homebuilders face issues, although May sales constitute an impressive jump.
Nasdaq continues record climb based on hopeful news of a coronavirus vaccine.
THINGS TO LOOK FOR
Markets perked up a bit today on positive vaccine news and the best new home sales in a decade. The overall bias trended positively as the
market moved upward throughout the day. Things were looking in doubt when Trump administration trade representative Peter Navarro stated
that the China trade deal was “over.’’ He quickly walked back his comments, and because his comments were during non-trading hours, futures
reversed course, and no harm was done. The new home sales number was refreshing, considering the abysmal lows from March and April.
It should be no surprise that people want to buy a new home to either get away from claustrophobic coronavirus lockdown cities or escape
the violent protests afflicting some of those same cities. Today is probably not the start of a new upward move. We need to see more relevant
and meaningful data, which will come next week. No one will be upset, mind you, if we go up from here. But the momentum seems mildly
optimistic and could dissipate once the Dow reaches levels above 26,500. Soon enough, new concerns stemming from the coronavirus could
pop up and remove some of the starch from the markets, but today was not that day.
ECONOMIC VITAL SIGNS
Volatility continued to drift downward today; Treasury yields rose slightly. Each reflects positive moves.
Volatility Index: 31.37
10-year Treasury: 0.72
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