2018 Economic Calendar
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Market Reflections  

August 7, 2018
Both lagging by a month, the JOLTS and Consumer Credit reports did not tell us much about the current situation, but they do suggest future growth capacities held in prudent reserve, with job openings still outnumbering active job seekers in June and consumers keeping their credit card buying powder drier than expected for possible future spending sprees. These may already be appearing in today’s much more current data, Redbook’s, whose same store sales last week set a record for the year so far with a 5.6 percent year-on-year gain.

Stocks rallied on the session with the Dow up 0.5 percent to 25,629 and the S&P 500 and Nasdaq both up 0.3 percent to 2,858 and 7,884, respectively. Treasuries fell at the long end of the yield curve, where the 10-year yield rose 4 basis points on the day to 2.98 percent. The US dollar nevertheless weakened against most currencies and the dollar index fell 0.19 percent to 95.18. Oil remained close to unchanged at $69.03 per barrel with gold also steady at $1,218.40 per ounce.

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