Broad global strength
Global PMI data reflects broad global strength with U.S. taking the lead. Measures of U.S. manufacturing activity have broken away from the global pack to the upside while the European manufacturing sector has slowed over the past couple of months. Still, recent Markit Purchasing Managers’ Index (PMI) data indicates a solid 80% of countries are in expansion. (LPL)
The trade deficit narrowed by $1.0 billion in April, its second straight decline, to $46.2 billion, marking the smallest deficit since September 2017. The reduction in April was driven by a smaller goods trade deficit, while the services surplus was little changed. However, on a 12-month total basis, the trade deficit widened marginally to $573.1 billion, the biggest gap in nine years, with deficits with China and Europe hitting records.
Kraft-Hines, the fifth-largest food and beverage company in the world with a market cap of $71 billion has created a “Legal-Ade” unit to help kids fight any legal issues or fines associated with lemonade stands. Any child fined for running a lemonade stand without a permit can have his or her parent apply for reimbursement. Each submission will then be reviewed by Country Time Lemonade’s team. (FBN)
S&P 500 is down 2 and the NASDAQ is down 15. The MSCI international index is lower.
Oil is down 69 cents at $65.06 a barrel.
Gold is down $2 at $1301 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.