(As of 7:15 am PST)
The US stock market opened lower for the second straight
day as soft economic data provided little lift from yesterday’s negative
sentiment. Jobless claims ticked up last
week, while analysts estimated a slight decline. A report on retail sales showed sales rose
0.3% in May, less than expected. On a
positive note, sales in April were revised sharply higher. Another report showed import prices nudging
up 0.1% in May as fuel prices climbed.
Year over year import prices have grown 0.4%. Recent reports are
supporting the notion that inflation may begin to pick up in the near future. Inflation is still well below the Fed’s
target rate of 2%, but will be closely monitored by the Fed throughout the rest
of the year in determining the timing of rate hikes. Gold prices are higher as is oil which is
surging over 1% today. International markets are mixed mostly
following the direction of Wall St. the past two days. It appears another day of profit taking is
shaping up today.
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