So the IMF feels that the U.S. Federal Reserve should hold off on raising rates until 2016. Ok, now the IMF is the world’s central banker I guess. Moving on, stocks had a miserable day today, as the tone was set even before the opening bell as markets around the world slumped. The decent weekly jobless claims number didn’t seem to help, and the monthly chain store sales number continues to illustrate the retail sales weakness.
By the close, the Dow Jones Industrial Average was down 170 points to finish the day at 17,905. The S&P 500 was down 18 points to close at 2095. Gold was down $8 to trade at $1176 per ounce, while oil was down $1.48 to trade at $58.16 per barrel WTI.
Tomorrow we get the non-farm payroll number (expectations are around 220,000 new jobs created in May) and the unemployment rate (consensus is 5.4%). The markets seem to be very jittery at the moment, so any type of an outlier number could produce some interesting volatility. Let’s see how the week finishes up tomorrow.
Have a nice evening everyone.