While everyone waits for tomorrows labor report the markets traded in a light volume mixed fashion with no one willing to pull the trigger. Heading into the close however the Dow gained 48 points to 17,838. Leaders in today’s action was mostly healthcare related.
Retailers are reporting May sales results and one clear trend is that Amazon is affecting most big store chains with the exception of Costco (or as my mother-in¬-law calls it…..”Costco’s”). I guess the main reason for this is it’s expensive to ship peanut butter and mayonnaise in bulk or by drone. While personal spending in the US is up there is disruption in the retail space due to things like Amazon Prime. This will be an interesting trend to follow.
Oil was unchanged at $48.99 per barrel. OPEC had a meeting which resulted in no production cuts although Iran is telling its citizens to boycott this years Hajj in Mecca. OPECs efforts to maintain market share while putting pressure on US producers has instead resulted in several OPEC nations facing collapse. Venezuela is on the brink of default as its currency has collapsed along with the price of oil. In other commodities, gold was down $2 per ounce at $1,212 an ounce.