Home prices jumped
Ford’s slump in China intensified, with vehicle sales tumbling 38 percent in June and the automaker recording its worst ever first-half there as buyers shunned its aging models. (Reuters)
Roughly 70 percent of all Chinese fireworks entering the United States come here under the control of a Chinese businessman who has used his influence to raise prices and block competitors. The average daily fireworks containers shipped from China to the US in April and May of 2018 was 108. That is 241 million pounds of fireworks. (Wash. Post)
Home prices jumped 7.1 percent annually in May, according to CoreLogic. That’s the biggest jump in four years. The median price of an existing home sold in May was $264,800. The supply of homes for sale has been dropping on an annual basis for the past 36 months.
Manufacturing remains a bright spot. The June ISM Manufacturing Index came in at 60.2, better than last month. The bottom line is the trade concerns didn’t appear to slow down manufacturing. Manufacturing is about 10% of the overall gross domestic product. (LPL)
S&P 500 is up 12 and the NASDAQ is up 35. The MSCI international index is higher.
Oil is up 3 cents at $73.83 a barrel.
Gold is up 11 at $1266 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.