The Closing Look

Stocks were relatively quiet on Tuesday after the Bank of Japan did nothing at their latest meeting but did say they are ready to add more stimulus if needed. In the U.S., the producer price index fell -0.2%, matching estimates for -0.2%. Meanwhile, retail sales slid by -0.1%, also matching estimates. The Empire State Manufacturing report rose by 0.62, beating the Street’s estimates for -11.25. The Redbook, which measures weekly same store sales, rose 0.6%, lower than last week’s reading of 0.7%. The housing market index, which measures demand for new homes, came in at 58, missing estimates for 59. Business inventories came in at 0.1%, higher than the Street’s estimate for unchanged. Wednesday is Fed day.
Gary’s Thoughts: Fed tomorrow. We put them just behind broccoli and cauliflower as favorite things! (we hate both) They will not raise rates and they will tell us when information comes in, they will let us know. Seriously! That is what they will tell us! Trump wins Florida big. (Rubio should bow out but wont!) Kasich/ Trump in Ohio will be close! If Trump wins Ohio, get the fork! Republican establishment on their fifth bottle of vodka!