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Strength of the Market
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The Strength of the Market is: Strong but Weakening

Stocks tumbled last week as the U.S.-Israel conflict with Iran showed no sign of slowing down. Oil prices continued to go higher. Stocks mostly slipped into correction territory - a 10% decline from their recent highs. Iran and Israel continue to exchange strikes, including new attacks against energy sites in the Persian Gulf. In addition, the Pentagon may be sending thousands of Marines to Iran. The price of oil moved higher to end the week as Iraq declared force majeure, a formal notice to suspend contractual obligations, on all oil-fields ​operated ​by foreign ⁠companies. Military troops on the ground could mean at least a few more weeks of higher oil prices and stocks could easily go lower. In other news, inflation fears are back and it looks like interest rates will be higher for longer. With all the uncertainty, stocks have been down for four straight weeks.

 

Economic reports from last week came back mixed:

•Manufacturing (New York) - lower than expectation

•Manufacturing (Philadelphia) - higher than expectation

•Homebuilder Confidence - higher than expectation

•Pending Home Sales - higher than expectation

•New Home Sales - lower than expectation

•Inflation (Producer) - higher than expectation

•Jobless Claims - lower than expectation

 

This week, investors will look for guidance from economic reports like Construction Spending, Labor Productivity, Manufacturing, Housing, Consumer Sentiment and Jobless Claims.

 
 
 

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