July 6, 2017
May's trade data improved slightly and won't be holding down second-quarter GDP while service sector reports from two private firms, ISM and Markit, both show building momentum. Expectations are firm for constructive showings in tomorrow's employment report for June.
Stocks were lower through the session with the Dow giving back 0.7 percent to 21,320. The dollar index also fell, down 0.4 percent to 95.82 and reflecting extending strength for the euro which is over $1.14 at $1.1422. Yields jumped overnight on bond selling in Europe with the 10-year Treasury up 3 basis points on the day to 2.36 percent. A big draw in weekly inventories gave oil only a small boost, up slightly and holding over $45.