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Market Commentary

The Foundation In Place

By Charles Payne, CEO & Principal Analyst
6/30/2017 12:26 PM
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Lots of economic data out today and results are overwhelmingly better than expected suggesting underpinnings for explosive growth.  I will cover consumer news in greater detail on Monday morning and want to focus on manufacturing on this note.   

Chicago PMI is at its highest level in three years.  In addition, a special question this month on growth from second to third quarter is extremely optimistic:

New Orders popped +10.5 to 71.9, production +4.5 to 67.7, but employment edged lower to 56.6 from 57.1.   The bright spot is backlog at its highest level since July 1994.

Chicago PMI

At midday, the markets are in the green with advancers leading decliners 1669/1189 on the NYSE but the on the Nasdaq decliners are leading advancers 1544/1248.  Volume remains light ahead of the holiday. 

Have a great weekend.


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