The major stock indices ended last week mixed, and bonds rallied. The S&P 500 and US Aggregate Bond Index gained 1.62% and 1.31%, respectively, while the Dow Jones 30 declined 0.95%. May’s headline Consumer Price Index(CPI) was flat from the previous month and up 3.3% from one year ago. The cooler CPI print drove longer-dated treasury yield down by approximately 20 basis points. We could expect mortgage rates to follow suit soon.
This week is abbreviated as the markets are closed on Wednesday for the Juneteenth holiday. Highlighted economic reports are May retail sales, housing data, and industrial production. Retail sales are expected to increase 0.30% from April, with muted inflationary pressures.
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Here’s to a great week ahead!
Thank you,
David Bennett