At 7:50 a.m. futures are significantly down, the dollar is mixed against major world currencies, and the price of oil is down hovering around $85 a barrel. The market is set to tank at the opening bell. Make no mistake, the stock market is going through a serious correction.
Investors will soon get the government's report on jobs created in May and the way economy related numbers have been coming through lately, it might be good to brace for the worst. The worst would indeed push the market in the direction of a calamitous day of losses. It could be the rash of incredibly bizarre violence and hate speech coming out of America lately that is speaking here, but something is seriously out of whack out there and you are not alone with the lump that it's creating in your throat. Economic strife leads to the bizarre and the extreme of extremes therefor cooler heads need to prevail. I would like to see a little less time devoted to someone as insignificant as Trump for example. We also need much more along the lines of the uplifting and soul nourishing.
CNN: Investors weighed down by economic reports
Two manufacturing reports out of China Friday morning showed that the sector fell sharply in May...
...in Europe...the unemployment rate hit 11%...
...new reports also on tap for Friday include personal income, personal spending, construction spending and manufacturing.
Oil for July delivery slid $1.52 to $85.01 a barrel.
2 comments:
Oil has fallen by almost 20% in the last few mos. but the price for Gas at the pump hasn't followed, at least not yet. It's down to be sure but its not off its top by 20% around here. On the other side of the equation when it started to rise last fall it jumped up a dime a day for weeks and the Oil price lagged way behind.
I personally expect to see oil go back up per barrel probably this year. I mean they money on it going up and going down. As far as gas goes, no surprise here, Exxon Mobil continuously reports best profit ever quarters and that will continue. If the raw material is cheaper, even better for big oil.
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