Whetro Morning Market Update June 17

Market got back some of what was lost on Friday. Tim takes a look at the numbers and explains what to watch for today with the Fed meetings.

Episode Transcript

Speaker 1 (00:00):
How are you, mister Wheatrow.

Speaker 2 (00:03):
Fantastic as usual, Fred, all.

Speaker 1 (00:04):
Of you, of course you are. I'm having a much
better date today. There were no computer issues, so we're flying.
We're flying free of any problems this morning, which is
okay with me. Hey we recovered yesterday, whoa and not
a moment too soon.

Speaker 2 (00:22):
Yes, yes we did. But then the futures are pointing down.
They thought they thought the talks were in to maybe
seasfire with the Ran in Israel, and I don't think
that's happening. So, yeah, our futures are down. The overseas
markets have been down. But yes, yesterday we recovered. He
that was up three hundred and seventeen points, which points

(00:43):
seventy five percent, and the S and P five hundred
was up fifty six points, which is almost one.

Speaker 3 (00:49):
Percent, and the NATTAK up two hundred and ninety four points,
which is a little over one and a half percent.

Speaker 2 (00:54):
That was a nice day to see. And you know,
the new it's been pretty like so so because of
the war going on. Right, But yeah, we've had the oil.
I heard someone mentioned they were out in California. How
it is down a little bit, but yeah, oil has
gone up about seven percent.

Speaker 3 (01:12):
Since this has all gone on. But our gas prices
national average is three dours and sixteen in Ohio's three
dollars and three cents. But the one I always watch
since I mentioned it, was blow three point fifty. It's
now at three fifty six. And that's diesel.

Speaker 2 (01:26):
And that's the one that we watched that say, that's
what we moved stuff around. And so I don't like
it seen moving that direction. But back in twenty twenty
two it was above five bucks. Though you know it's
still less, but still I'd like it a little bit
lower to get things moving around.

Speaker 1 (01:41):
Well, yeah, because it ends up costing us in the
long run. You know, you're paying for your own gas,
and then you got trucks all over the place using diesel,
and they were passing that cost on to you as
they should. You know, that's how it worked.

Speaker 3 (01:53):
Yeah, And we had we had a report yesterday come out,
the Empire State manufact Acting Survey came out and it
came out as a negative sixteen. They were expecting less
than that, which if we look at this, and what
that survey is is a monthly economic indicator, and they
want it of course above zero.

Speaker 2 (02:14):
Things are moving in the right direction, but it was
a little less.

Speaker 3 (02:17):
Than expected in a negative sixteen, so that was not
moving in the right direction.

Speaker 2 (02:21):
But that's the only only the state of New York. Okay,
So you know we're looking at winning here.

Speaker 3 (02:26):
But today we have stuff that we'll be looking at
about eight thirty, We have US retail sales coming out,
so we want to take a peek at those and.

Speaker 2 (02:33):
The that's going to start their meeting today.

Speaker 3 (02:37):
And give us the dirty details of what they're going
to do with the interest rates. Right now, everything is
probably going to stay the same, but if it does again,
we want to hear what he's going to say afterwards,
right because a lot of moving parts going on right now.

Speaker 1 (02:51):
Yeah, it's all about whether or not he's optimistic after
he's done, after he's done with the meetings. So with
the retail report coming out today, what are analysts or experts,
So what are those experts expecting at this point, Well.

Speaker 2 (03:06):
We're expecting it to drop a little bit. Previously it
was point one of a percent.

Speaker 3 (03:11):
They're expecting it to be negative point six. But we're
going to see, you know, is you know, it's the
cost of goods going up a little bit, but we.

Speaker 2 (03:19):
Felt good Friday about the economy. Yeah, the survey came out,
so let's see where the US uh, where the retails
come in, and they expected to stay about the same
if we take out automobiles out of that. Okay, the
sales of those, so not a big.

Speaker 3 (03:33):
Movement, but we'll take a peek of where its at.
And not a lot going on in summer. Things are
slowing down a little bit, but you're right, gas prices
are creeping up a little bit, and some of that
has to do with the summer driving, like you'd mentioned.

Speaker 2 (03:44):
Yeah, so a lot more involved with what does it.

Speaker 1 (03:47):
Look like overseas right now, because they're a little bit
closer and they probably get a little more of their
petroleum products from the Mid East than we do just
because they're closer. So they've got the pipeline system all
set up. So what are their prices looking like right now?

Speaker 2 (04:04):
Well, I'm not sure what their gasoline prices are, but
just looking at their markets, the year was down sixty seven,
the foots he down forty points, the Dag's down three
hundred and four, So I think a lot of this,
you know, Israel rand, it's it's hitting them because you
know they're not getting an agreement you are. Is ISRA
going to keep bombing or is it both ways? Mee
k was up two hundred and twenty five points, Hang

(04:27):
Sang down eighty points and the Shanghai was only off three.

Speaker 1 (04:31):
Okay, well that's not that bad then.

Speaker 2 (04:34):
No, man, we'll get to me kinda right now, do.

Speaker 1 (04:37):
We No, not at all, And they don't have to
they you know, they tell us what they want us
to know. So later today we'll hear from the Fed,
find out what they have to say. They start their
meetings today. Tomorrow will be even more important. Tim will
keep an eye on all of that and we'll talk
to him tomorrow morning and around the same time for
a week tro Wednesday. Now if you need to reach
him before then four one nine eight two four thirty

(04:59):
three one hundred. Tim w at witroadvisors dot com or
on Facebook and sign up for their special email.

Speaker 3 (05:08):
All right.

Speaker 2 (05:08):
Update.

Speaker 1 (05:09):
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