All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.
US Stocks sank over the week on concerns about a Greek debt agreement. Both the S&P 500 and Dow fell 0.4% for the week. Internationally, Japan rose 2.6% and Europe was up 2.9%. China’s Shanghai composite is down 19% since mid June as the central bank has made moves to limit margin buying. The ten year US Treasury yield ended the week up over 0.2 percentage points to 2.48%, its highest level since September 2014. Article
Greece has decided to puts its creditors’ demands to a vote holding a referendum vote on July 5th which will determine if the country remains in the eurozone. With its $1.73 billion loan from the IMF due on Tuesday the move means Greece almost certainly will not meet it putting the country into default.
US existing home sales rose 5.1% in May from April driven by young home buyers. The pace is the fastest since November 2009. New home sales rose 24% over the first five months of the year compared to last year.
Durable goods orders fell 1.8% in May in a sign business are spending cautiously and emphasizing the slow growth in the factory sector.
The final revision of 1Q GDP showed the contraction wasn’t as substantial as previously estimated as growth fell 0.2%.
US consumer spending rose 0.9% in May, the largest jump since 2009. Article
The Fed’s preferred measure of inflation rose 0.3% in May from April, the largest increase in over 2 years and was primarily driven by higher energy prices. From a year earlier, prices were just 0.2% higher undershooting the fed’s 2% target.
Ahold and Delhaize owners of grocery chains Stop and Shop, Giant and Food Lion agreed to merge in an all stock deal that would value the combined firm at $29 billion and make it the fourth largest grocery store by revenue.
At the year’s half way point nearly $2.15 trillion of merger and acquisition deals or offers have been made putting it on pace to match the highest year ever in 2007.
Nike posted a 4.8% rise in quarterly sales and its earnings topped expectations.
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