All streaks must end

All streaks must end. It was the calmest three weeks ever for stocks. You would never know it by reading the headlines, but the S&P 500 was in the midst of the calmest three-week period ever. In fact, during the past 15 trading sessions, ending 8/9/17, it had closed between 0.3% and -0.3% every single time. That has never happened in the history of the S&P 500 and the previous record was 10 back in 1969. The S&P 500 was down 1.45% yesterday. (LPL Research)

Producer prices fell in July by 0.1%, the biggest drop in 11 months. In the last 12 months PPI increased 1.9%. Last month, prices for services fell 0.2%. That accounted for more than 80% of the decrease in the PPI. Energy prices fell 0.3%, declining for a third straight month. Food prices were unchanged in July. (AP)

Jack In The Box reported a quarterly profit of $36.4 million. The burger chain had sales of $357.8 million in the period. Jack In The Box shares have declined 15% since the beginning of the year. (AP)

Portland, Oregon-based Electro Scientific Industries reported quarterly profits of $2.9 million, after reporting a loss a year earlier. The semiconductor testing equipment maker posted sales of $72.7 million in the quarter. Electro Scientific Industries shares are up 43% since the beginning of the year. (AP)

The S&P 500 is down 2 and the NASDAQ is down 16. The MSCI international index is lower.

Oil is down 23 cents at $48.36 a barrel.

Gold is up $4 at $1294 a Troy ounce.

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Financial Focus • August 11, 2017


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