U.S. Stock Market
Sep E-mini S&Ps this morning are up +6.50 points (+0.27%). Friday's closes: S&P 500 +0.03%, Dow Jones +0.11%, Nasdaq -0.34%. The S&P 500 on Friday closed slightly higher. Stocks prices were boosted by strength in energy stocks as crude oil rallied +0.63% and by reduced inflation expectations that may keep the Fed from additional rate hikes after the 10-year T-note breakeven inflation rate dropped to a 7-1/2 month low. Stocks were undercut by the unexpected -5.5% fall in U.S. May housing starts to an 8-month low of 1.092 million (weaker than expectations of +4.1% to 1.22 million) and by a sell-off in food retailers after Amazon.com bought Whole Foods Markets for $13.7 billion, which raises concern that other food retailers will have to cut prices to compete with Amazon, which will hurt their earnings.