Stocks churned for most of the day before closing with a small flourish. The Dow ended the day up 14 points on light trading volume to 26,064. The S&P 500 briefly traded over 2,900 for the first time. Consumer confidence readings jumped to an 18 year high as the age of disruption rolls on.
Details of the US Mexico trade deal are coming to the surface. Here are some key points. 1) revamped rules for building cars in North America by moving content of cars from the US or Mexico to 75% up from 62.5%. 2) a $16 wage floor for 45% of labor involved in making the car. 3) Higher wages and new rights for Mexican labor unions, 4) Requires locally sourced steel, plastics and chemicals for cars, 5) Keeps tariffs on steel and aluminum while keeping duty-free status on farm goods. The winners in the deal are auto unions, manufacturing jobs and suppliers in the US along with farmers. The losers appear to be consumers who could see the prices of some cars rise. Shares of GM jumped on the news yesterday but today pulled back a bit. The deal now heads to congress for ratification and then its off to the great white north to begin negotiations with Canada.
Speaking of Canada, three Canadian companies in the pot business have begun trading on US exchanges. It looks like Canada is about to legalize marijuana and shares these companies, Tilray, Cronos and Canopy Growth are jumping on the news even though they are losing money hand over fist. It is also rumored that Canada will soon change its national anthem from” Oh Canada” to “Oh Cannabis”. Hopefully all the smoke from forest fires up in BC will continue to be wood smoke and not turn to a greenish purple haze when and if they choose to legalize weed.
Scouts are getting geared up again for another year after a busy summer. Our boys earned over 120 merit badges, 21 rank advancements and 2 scouts became eagles. This summer we sent 47 lunkheads to camp Parsons, 20 scouts to Sea Base in Florida where they swam with sharks, 6 first year scouts did the new scout hike near Leavenworth, 5 scouts hiked 20 miles into the High Divide in the Olympic National Park and 8 of us did the 23-mile Cascade Pass to Stehekin hike. Not bad!