May 8, 2018
President Trump's decision to pull the U.S. out of the Iran nuclear agreement and impose sanctions on the country had little initial effect on oil which fell, not rose, $1 and is back under $70 near $69.75. Unless other nation's follow suit, the U.S. action against Iran will be limited in its effect.
The day's economic news is led by job openings in the JOLTS report which, at just over 6.5 million, are for the first time roughly equal to the number of employed, at just over 6.3 million in data released last week. This underscores the lack of available labor in the economy and points to the risk of wage inflation. Bonds were little changed with the 10-year yield at 2.98 percent while the dollar index firmed 0.4 percent at 93.09. Stocks were narrowly mixed with the Dow posting a fractional gain to 24,360.