Inflation over the past 12 months slowed
In the first quarter of 2017, 400 U.S. CEOs surveyed by KPMG said they are “highly confident” in America’s growth engine over the next three years and see the U.S. as a top growth market. They credit this to harnessing the power of disruptive technologies like artificial intelligence and machine learning, as well as fending off competition.
Neiman Marcus has been exploring a potential sale. This week it reported its fourth straight quarterly loss in the face of intense competition from online retailers. Same-store sales fell 5% for the quarter. Neiman Marcus posted a loss of $24.9 million in the quarter, compared to a profit of $3.8 million last year. (FBN)
Retail sales had their biggest drop in more than a year in May, down 0.3%. Over the last year retail sales rose 3.8%. Some of the drop in monthly retail sales reflected lower gasoline prices. (Reuters)
The cost of goods and services for American consumers fell in May for the second time in three months as inflation continues to slow. The consumer price index, fell 0.1% last month. Inflation over the past 12 months slowed to 1.9% in May from a five-year high of 2.7% just four months ago. (MarketWatch)
The S&P 500 is down 16 and the NASDAQ is down 61. The MSCI international index is down.
Oil is down 30 cents at $44.44 a barrel. A seven-month low.
Gold is down $20 at $1257 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.