The US Department of Commerce reported that Gross Domestic Product (GDP) price index came in at 2.2 percent which is above expectations which were fixed at 1.9 percent. The GDP core, however, remains unchanged in the third estimate at 2.6 percent.
- The GDP price index is a comprehensive indicator of inflation.
The US Department of Labor released data on Initial jobless claims this morning showing claims rose more than expected in the June 23 week but remain very low, at 227,000 which lifts the 4-week average only marginally to 222,000.
- Jobless claims are a way to gauge the strength of the job market. Less people filing for unemployment benefits, means more people have jobs, telling investors a great deal about the economy.
In overnight markets, the MSCI Asia Pacific Index fell 0.4 percent and Japan’s Topix index closed 0.3 percent lower after weak domestic data added to continuing trade concerns.
- In Europe the major indexes are lower in late session trading as, weak domestic data added to trade concerns.
At 4:30 p.m. ET today, the Federal Reserve will posts results from the second and final stage of its 2018 stress test. With U.S. banks coming off their longest losing streak on record, investors will be keeping a close eye on how much the major institutions will be able to pay out in dividends.
Notable quarterly earnings calls today: Accenture, Walgreens Boots Alliance and Conagra Brands
IMPORTANT ANNOUNCEMENT: The Morning Market Briefing is on vacation from July 2nd to July 6th. We will return on July 9th!