July 3, 2017
A heavy week of economics opens mixed. ISM manufacturing's sample is once again reporting unusual strength in contrast to the PMI manufacturing sample which once again is reporting no more than subdued strength. Construction spending is also subdued coming in unchanged with residential data showing particular weakness. And weakness is the story once again for vehicle sales which, with data still coming in at the early close of today's session, point to no improvement for June.
The Dow rose 0.6 percent in shortened holiday trade to 21,479. The dollar index also rose 0.6 percent to 96.22 in bounce back trade following last week's weakness. Money moved out of bonds where the yield on the 10-year Treasury rose 4 basis points to 2.35 percent. Oil popped $1 higher and is back testing resistance at $47 while gold dropped $20 to $1,220.