Personal Spending & Jobs | Morning Express 06/30/22

Posted: June 30, 2022, 8:44 a.m.


The Morning Express will be abbreviated this week. The author, Bill Baruch, is on vacation with his family. Updated levels will be provided most days, but content will be thin in an effort to spend available time on actively managing positioning. If you have market related questions, please email [email protected] and the Blue Line Futures team will respond accordingly.

- Core PCE is the Federal Reserve’s preferred inflation indicator

o May YoY: 4.7% versus 4.8% expected and 4.9% in April.

o May MoM: +0.3% versus +0.4% expected and +0.3% in April

o Personal Spending was meaningfully below expectations at +0.2% MoM versus +0.4% and +0.6% in April, revised down from 0.9%.

- The Federal Reserve is tightening policy to battle inflation by lowering consumer demand. The overall soft read and specifically Personal Spending is a great indication of their policy moving in the right direction.

- Initial Jobless Claims rise to 231k, the highest since February 24th.

- OPEC+ ratifies the 648,000 bpd production add in August, as expected.

E-mini S&P (September) / NQ (September)

S&P, yesterday’s close: Settled at 3821.25, down 4.25

NQ, yesterday’s close: Settled at 11,691.00, up 16.75

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NQ (September)

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Crude Oil (August)

Yesterday’s close: Settled at 109.78, down 1.98

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Gold (August) / Silver (July)

Gold, yesterday’s close:  Settled at 1817.5, down 3.7

Silver, yesterday’s close: Settled at 20.738, down 0.134

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Silver (July)

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