It’s been a busy couple of
days on the economic news front and investors are trying to sort out the
implications. Yesterday, the markets reacted negatively to the release of the
Federal Open Market Committee minutes from their last meeting. The minutes
hinted that policy makers are ready to normalize rates as early as June. This
news erased some early session gains yesterday and both the Dow and S&P500
closed mostly flat for the day. Also weighing on stocks is a drop in oil prices
which fell due to a stronger dollar and an unexpected increase in U.S. crude
inventories. On the positive side of the news front, the labor market still
looks strong as the number of Americans who applied for unemployment benefits
in mid-May fell by 16,000 to 278,000. Worth noting on the earnings calendar are
reports from Walmart and Cisco. Walmart is currently up over 8.5% after beating
forecasts and Cisco was a big winner with their upbeat report. European stocks
are lower today amid news of an EgyptAir plane vanishing from the radar and
Asian stocks were mostly in the red overnight.
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forget to check out the home of our new blog at www.millerfinancial.biz for
daily financial updates!
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