May 9, 2018
Steel and aluminum prices are on the rise but pressure is otherwise subdued for producer prices overall, a result that follows the equally subdued average hourly earnings data in last week's employment report.
Stocks continues to rally with the Dow, 0.8 higher to 24,542, up for a fifth straight day. Helping stocks may be rotation out of bonds where the 10-year yield is pressing to new highs, up 5 basis points so far this week and now at 3.0 percent. Oil initially fell yesterday on news of U.S. sanctions against Iran but today rose more than $1 to top $71. Gold, at $1,312 has been steady this week.