Price Return Last Week
S&P 500 0.6% S&P Mid Cap +1.3% Russell 2000 +0.8% MSCI EAFE 0.1% MSCI EM +0.9%
10 Yr US Treasury Rate – rose from 4.21% to 4.26%
Source: Refinitiv Eikon
Recent News
Real Estate – The national median existing-home price rose to $419,300 in May. A new record for the data series released by the National Association of Realtors that dates back to 1999. This represents an increase of 5.8% over the prior year. Despite record prices for home sales, housing inventory remains low at just 3.7 months of available supply. An improvement from the 1.6 month record low in 2022 but still below what most consider a normal level of 5-6 months.
Source: The Wall Street Journal, Bankrate.com, National Association of REALTORS
Retail Sales – May: 0.1% (Reuters Poll est. 0.3%) April: -0.2%
Retail sales in May came in below expectations and the April value was revised lower from 0.0% to -0.2%. Prices at gasoline stations and grocery stores both saw prices fall compared to the previous month, contributing to the lower than expected change. Excluding gas stations, retail sales grew 0.3% compared to the previous month.
Source: Refinitiv Eikon, U.S. Census Bureau
Bank of England Meeting – Similar to the Federal Reserve, the Bank of England chose to keep rates static but noted they may lower in future months. While overall inflation in the UK reached 2.0% in May, core inflation remained high at 3.5%. The divergence can largely be attributed to falling food and energy prices, which are excluded from the core rate given their volatility.
Source: The Wall Street Journal, Refinitiv Eikon
Rickwood Field – The St. Louis Cardinals beat the San Francisco Giants by the score of 6-5 at Rickwood Field in Birmingham, Alabama on June 20. The first regular season AL/NL game ever played at the historic field and oldest ballpark in America. In addition to being the oldest ballpark, Rickwood is famous for being the home stadium of the Birmingham Black Barons and a young Willie Mays. Mays grew up minutes away from the stadium and played centerfield for the Black Barons for three years. Sadly, Mays passed away just two days prior to the game being played.
Source: MLB.com
Upcoming Events
6/25 – Consumer Confidence, Notable Earnings Reports: FedEx
6/26 – Fed Bank Stress Test Results, Notable Earnings Reports: General Mills, Micron Technology
6/27 – Presidential Debate, Durable Goods, GDP, Notable Earnings Reports: Walgreens Boots Alliance, Nike, McCormick & Company
6/28 – PCE
Source: Refinitiv Eikon
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