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The markets closed higher yesterday, on pace for their second up week in a row.
Traders shrugged off rising tensions with Iran after the U.S. blamed them for two oil tanker attacks yesterday.
At any other time, oil likely would have surged on the news. But with slackening demand and an abundance of supply, oil barely moved. Instead, it actually closed down for the day. If tensions escalate, it's quite possible to see oil respond with higher prices. But traders clearly feel that the supply and demand picture do not warrant such a move at this time.
In other news, the market remains optimistic that the U.S. and China will make progress at this month's G20 summit. Whether that means the framework to continue negotiations, or an actual agreement, hopes are high that something good will come out of President Trump and President Xi's scheduled meeting.
In the meantime, the economy looks great, and the markets continue to trade near their all-time highs.
We'll get another look at our economy today with Retail Sales, Industrial Production, and Business Inventories. We'll also get another look at the consumer with the Consumer Sentiment Report.
And by the end of the day we'll see how the markets fared this week.
If the aforementioned reports look good, stocks are likely to add to last week's historic gains with another week in the plus column.
Best,
Kevin Matras
Executive Vice President, Zacks Investment Research
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The markets closed higher yesterday, on pace for their second up week in a row.
