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|July 2||CONSTRUCTION SPENDING REPORT||10:00 AM|
|July 3||MANUFACTURERS’ SHIPMENTS, INVENTORIES…||10:00 AM|
|July 4||INDEPENDENCE DAY HOLIDAY||—|
|July 6||EMPLOYMENT SITUATION REPORT||8:30 AM|
|July 6||U.S. INTERNATIONAL TRADE IN GOODS & SERVICES||8:30 AM|
|July 11||MONTHLY WHOLESALE TRADE: SALES & INVENTOR…||10:00 AM|
|July 11||PRODUCER PRICE INDEX REPORT||8:30 AM|
|July 11||WHOLESALE TRADE REPORT||—|
|July 12||CONSUMER PRICE INDEX REPORT||8:30 AM|
|July 16||ADVANCE MONTHLY SALES FOR RETAIL & FOOD SERV||8:30 AM|
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|July 26||ADVANCE ECONOMIC INDICATORS REPORT||8:30 AM|
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|July 27||GROSS DOMESTIC PRODUCT||8:30 AM|
Key Events That Moved the Market in June 2018
Above: Daily Chart of S&P 500 Index From June 1 – June 20, 2018
(A) June 1, 2018
- U.S. stock indices seemed to have settled as Italy’s political crisis began to ease
- Jobs report was strong; stock index futures advanced to new highs; the dollar remained firm.
- U.S. nonfarm payrolls gained 223,000 in May, exceeding expectations of of 189,000
- The jobless rate fell from 3.9% to 3.8%, an 18 year low.
(B) June 4, 2018
- U.S. indices continued to advance following Friday’s gains which were supported by the employment numbers.
- Russell 2000 advanced to a new historical high.
- Although the U.S. and China talks ended with no settlement, markets still moved higher.
(C) June 5, 2018
- NASDAQ appears to be approaching new record highs.
- Labor Department said compensation costs, unit labor costs, increased at a 2.9% annual rate, higher than economist expectations.
(D) June 6, 2018
- The U.S. and China exchanged trade proposals to avoid an escalation of economic tensions; markets higher.
- Despite the World Bank’s tepid forecast on global growth over a two-year period, stock indices are higher.
(E) June 7, 2018
- NASDAQ and Russell 2000 advanced to new historical highs.
- The U.S. reached an agreement with Chinese tech firm ZTE, removing the ban on the company buying parts from U.S. suppliers.
- Report shows that fewer Americans are claiming new unemployment benefits; data that indicates a strong U.S. labor market.
(F) June 8, 2018
- Markets are higher. No significant releases on this day.
- G-7 meeting to take place over the weekend.
(G) June 11, 2018
- President Trump refused to sign the communique from the G-7 industrialized nations.
- Nevertheless, stock indices higher as traders look beyond the G-7 meeting and toward the Tuesday Trump-Kim summit.
- Market seems relieved given the promising signals from the new Italian government.
- There are no major U.S. economic reports due today.
(H) June 12, 2018
- The Trump-Kim summit appeared favorable, both signing a UN joint statement in which denuclearization is on the table; additional talks are planned.
- The May NFIB small business optimism index increased to 107.8, beating expectations of 105.2.
- Consumer Price Index for May rose .2%, as anticipated.
(I) June 13, 2018
- The Producer Price Index, excluding the food and energy sectors, was up .3% in May from the prior month, higher than the expected .2% increase.
- The Federal Open Market Committee increased its fed funds rate by 25 basis points.
- FOMC officials predicted a total of four rate hikes for this year, which is up from the former projection of only three. The Fed also sees three rate increases in 2019 and one in 2020.
- Markets are lower.
(J) June 14, 2018
- Stock index futures are higher due to stronger than expected retail sales numbers and in spite of a slightly worse tone to the trade negotiations between the U.S. and China.
- May retail sales surged, up .8% in contrast to an expected .4%.
- Initial jobless claims fell 4,000 to 218,000 in the week ended June 9, beating economist expectations.
(K) June 15, 2018
- Stock indices tumbled yet later recouped as Trump announced a 25% tariff on $50 billion of goods from China, pledging to impose more if China retaliates.
- China immediately responded with a threat of additional tariffs.
- The June Empire State manufacturing survey came in at 25.0, beating the median estimate of 19.1.
- May industrial production declined by .1%, less than what had been expected.
(L) June 18, 2018
- The global trade situation appears to be worsening. Ironically, however, negative reaction to this seems to be fading.
- Prices dipped lower before recouping, ending slightly higher than its open.
(M) June 19, 2018
- Stock indices fell due to an escalation in the U.S – China trade dispute, yet recovered by the end of the trading day.
- President Trump threatened to impose a 10% tariff on $200 billion of Chinese goods.
- China warned it would retaliate, to which Trump threatened further tariffs up to a total of $450 billion.
- U.S. housing starts rose in May to high levels not seen since 2007. Permits, however, declined sharply.
(N) June 20, 2018
- Stock indices opened higher despite negative news that the EU will begin imposing import duties of 25% on U.S. goods this Friday after Washington began imposing tariffs on EU steel and aluminum in June.