From The Trading Floor: Stocks are retreating this morning on a jobless claims report that came in higher than expected and retail sales for May that disappointed.
US. Jobless Claims rose by 4000 to 317,000 for May
Retail Sales rose less than forecast in May as shoppers paused following a 3 month surge in shopping. Retail Sales rose 0.3% for the month of May, less than the anticipated 0.6%.
Import Prices rose 0.1% during May after falling 0.5% the prior month
Consumer Comfort for the period ending June 8th came in at 35.5 higher than the previous period’s measure of 35.1 to the highest level in 5 weeks
Business Inventories for April rose by 0.6%, higher than the 0.4% consensus
The Treasury Department says the total U.S. government budget deficit for May was $130B. The announcement comes after a big $106.9B surplus in April caused by the inflow of tax revenues.
American International Group has joined with private-equity firm Oak Hill Capital Management, and put down $1.5B to start a joint venture lending to medium-sized companies.
Trinseo (TSE) priced 10 million shares at $19. The opening print was $20.65 on 1,106,955 shares.
Zhaopin (ZPIN) priced 5.6 million shares at $13.50. It opened at $14.51 on a print of 505,140 shares.
OPEC has announced it has not changed its output target of 30M barrels a day, despite a higher demand forecast of 30.4M barrels for the rest of the year, stating the rest of demand will be covered by growth outside the group.
Resistance is at 1948 / 1951 with support at 1939 / 1942