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Pence Wealth Management Financial Markets Reports

US FINANCIAL MARKET

Dow Average Tops 17,000, Treasuries Sink After Jobs Data

  • U.S. stocks rose at the open with the dollar while Treasuries sank after American employers added more workers than forecast.
  • The U.S. economy created 288,000 jobs in June and the unemployment rate declined to 6.1 %, the lowest since September 2008.
  • Rates on 30-year fixed-rate mortgages averaged 4.12 %, down from 4.14 % last week and 4.29 % a year ago.

PetSmart Surges after Being Targeted by Activist Fund Jana

  • Jana, the $10 billion firm run by Barry Rosenstein that’s known for pushing corporate managements to make changes, acquired about 9.9 % of PetSmart.
  • The shares in PetSmart surged 15 % to $68.87 at 9:31 a.m. New York time, the biggest intraday increase in 5 1/2 years.
  • The stock had fallen almost 18 % this year through yesterday, giving the retailer a market capitalization of almost $6 billion.

Boeing gets $2.8 billion contract from NASA

  • Boeing signed a $2.8 billion contract with NASA to develop the core stage of the Space Launch System (SLS).

 

US ECONOMY & POLITICS

Payrolls Jumped as U.S. Jobless Rate Fell to 6.1% in June

  • The addition of 288,000 jobs in June followed a 224,000 gain the prior month that was bigger than previously estimated.
  • Economists polled by Reuters had forecast a gain of 212,000 jobs in June.
  • The unemployment rate fell to 6.1 %, the lowest since September 2008.
  • Private employment, which excludes government agencies, rose by 262,000.
  • Average hourly earnings, which are being closely watched for signs of wage pressures that could signal dwindling slack in the labor market, increased by 6 cents to $24.45 in June. They were up 2.0 % from a year-ago.
  • The average work week for all workers held at 34.5 hours.
  • The long-term unemployed, people out of work for 27 weeks or longer, accounted for 32.8 % of the 9.5 million jobless Americans, the lowest since June 2009.
  • The median duration of unemployment fell to 13.1 weeks from 14.6 weeks in May, the lowest in more than five years.

Trade Gap in U.S. Shrinks More Than Forecast on Record Exports

  • The gap shrank by 5.6 %, the biggest drop since November, to $44.4 billion from the prior month’s $47 billion.
  • Exports climbed to $195.5 billion from $193.5 billion in April.
  • Imports decreased 0.3 % to $239.8 billion as demand for petroleum dropped to the lowest level since November 2010.
  • Excluding petroleum, imports rose to a record as Americans bought more autos and parts, industrial machines and drilling equipment.

U.S. jobless claims rise slightly, labor market improving

  • Initial claims for state unemployment benefits rose by 2,000 to a seasonally adjusted 315,000 for the week ended June 28, the Labor Department said on Thursday.
  • The claims report showed the number of people still receiving benefits after an initial week of aid increased 11,000 to 2.58 million in the week ended June 21.

U.S. service sector growth slows slightly in June: ISM survey

  • The Institute for Supply Management said its services index ticked down to 56.0 last month from 56.3 in May, which was a nine-month high.
  • The reading fell shy of economists’ forecasts for 56.3, according to a Reuters survey.
  • A reading above 50 indicates expansion in the sector.
  • Non-manufacturing business activity slipped to 57.5 in June from 62.1 in May, but the new orders index rose to 61.2, the highest since January 2011, from 60.5 in May.
  • Employment rose to 54.4, a five-month high, from 52.4.

 

EUROPE & WORLD

Euro zone business growth slows as ECB meets

  • Euro zone firms expanded at their slowest rate in six months in June.
  • Business activity in France shrank at the fastest rate in four months while in Germany the pace of growth slowed.
  • Markit’s Composite final June Purchasing Managers’ Index (PMI) for the euro zone was down to 52.8, down from May’s 53.5.

Irish Economy Returns to Growth With 2.7% Surge

  • Net trade boosted growth in the quarter, with exports rising 1.8 %.

Global food prices fall as cereal supply outlook improves

  • The Food and Agriculture Organization’s (FAO) price index, which measures monthly price changes for a basket of cereals, oilseeds, dairy, meat and sugar, averaged 206.0 points in June, down 3.8 points or 1.8 % from May.
  • The figure was almost 2.8 % below June 2013 and the lowest since January, as cereal prices fell on better crop prospects and reduced concern over disrupted shipments from Ukraine.

Euro zone retail sales stagnate in May

  • Sales in the 18 countries using the euro showed no growth in May compared to April.
  • Spending on food, drinks and tobacco fell, offset by a slight rise in spending on clothing, electrical goods and computers equipment.

Euro zone inflationary pressures at 25-month high

  • The Eurozone Future Inflation Gauge rose to 95.3 in May from 94.0 in April.
  • Euro zone inflation held steady at 0.5 % in June.

 

TODAY in HISTORY

  • Samuel de Champlain founded the city of Quebec (1608)
  • The Battle of Gettysburg ended (1775)
  • Idaho became the 43rd state in the United States (1890)
  • The U.S. Veterans Administration was created by Congress (1930)
  • Algeria became independent after 132 years of French rule (1962)

This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S & P 500, are unmanaged and may not be invested into directly. Sources: Reuters, Bloomberg.

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