The Federal Reserve Beige Book was released mid-day, giving information on monthly regional economic conditions through May. For the second report in a row, five of the twelve District Banks noted a moderation in the rate of decline. Retail spending remained soft, and manufacturing activity declined or remained at low levels. A number of districts reported an uptick in home sales, and many said that new home construction appeared to have stabilized at very low levels. However, credit conditions remained stringent or tightened further. Employment continued to be weak, with wages generally remaining flat or falling.
The Dow Jones Industrial Average fell 24 points (0.3%) to close at 8,739, the S&P 500 Index lost 3 points (0.4%) to 939, and the Nasdaq Composite decreased 7 points (0.4%) to 1,853. Crude oil rose $1.32 to $71.33 per barrel, and gold lost $0.53 to $954.25 per ounce.
Magnificent Seven Update
Daily Update Of Open Positions...Stocks & ETFs
