Just a little bit
Headed in to the holiday weekend, equity markets moved higher as if they were moving through Jell-O. Most of the day was spent in sideways back and and forth fashion. The S&P 500 closed up half a point, and the Dow went out 3 points higher than Thursday. That was seven straight higher closes for the S&P.
The US Dollar had a similar lack of trend for the day. It was able to close higher, and continue its move from Thursday. After getting kicked down earlier, it was able to close the week +.1%.
Bonds and Treasury futures both ticked up for the week as well. This could be a sign that a third rate hike for the year is not set in stone.
Crude oil got back some its losses from Thursday. July futures weren’t able to get above $50.00 again, but did trad up over 90 points on their highs. Growing supply is countering OPEC latest headline, production cuts are extended on the calendar but not in size.
Enjoy the holiday weekend, and please remember those who gave the ultimate sacrifice this Monday.
John Weyer
Director Commercial Hedging
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