Whetro Morning Market Update June 3

The Market drifted higher because of higher oil prices and a slump in manufacturing. Tim takes a closer look at what's happening with stocks. 

Episode Transcript

Speaker 1 (00:00):
How are you, mister wheat trow?

Speaker 2 (00:02):
I'm fine today frez tt yees today doublets.

Speaker 3 (00:06):
And you should be in a good mood because again
yesterday we drifted a little bit higher. Oil prices jumped also,
which may explain why the gas prices are fluctuating so
much here in the Toledo area.

Speaker 1 (00:19):
Of course, people have noticed.

Speaker 3 (00:21):
I met at least three or four people hit me
up with emails and questions about why is it going up?
Was why was it twenty cents lower just yesterday and
now all of a sudden it's back up past three dollars?

Speaker 1 (00:34):
So what happened yesterday?

Speaker 2 (00:36):
Yeah, you tested on a fred and the bombing in
Russia from Ukraine didn't help. That pushed up some of
the prices. But if we put it in perspective, the
national average right now it was three dollars and thirteen
cents in Ohio, we're currently sitting at two dollars and
ninety five cents, even though some places are over at
the three. The barrel of oil is actually sitting right

(00:56):
now at sixty two dollars and fifty one cents, And
you know, isn't really really that high. But you nailed
it too. It's summertime, we're driving more and it tends
to go up. But on the regular unletted if we
look a year ago, it was sitting at three dollars
and fifty three cents. So it's been inching down and

(01:17):
you touched on the diesel and we always talk about it,
and it's sitting I haven't seen it three. I mean,
it's only a few cents, but I'm waiting for it
to go below three dollars and fifty cents. But it's
currently sitting at three dollars and fifty one. Since when
it's been hovering around three hours of fifty three, fifty four,
fifty five. But it's not a big move. But you're right,
that's what makes the world or the United States move

(01:37):
is diesel. We moved big stuff with diesel, ships, everything,
so if we right. So if we come back to
the Dow, the Dow was up. It started off down.
It was I thought it was going to finish down,
but it bounced back up all three indseason coming off May,
which is one of the best months since twenty twenty three,
so we had we were up thirty five point four

(02:00):
one points in the Dow, which is only point zero eight,
but it's in the green. I'll take it. S a
P five hundred up twenty four points, which is point
four one of a percent, and the NASTAC up one
hundred and twenty eight almost on hundred twenty nine points,
was zero point six seven percent. So what was leading
the day? We had tech pulling, so Navidia climbed one

(02:21):
point seven, Meta came up with Facebook three point six percent.
And we also had steel because President Trump says, hey,
I'm gonna hit everybody, you know, had him a speech
of the steel companies manufacturers saying hey, I'm going to
I'm going to keep your jobs, you know, keep steel
made more here, so talking about Caros on steel imported.

(02:42):
So the new Core jump ten point one percent and
Steel Dynamics rallied ten point three so that all of
that is what was really pulling market.

Speaker 1 (02:52):
Okay, well that's not bad. I mean we did.

Speaker 3 (02:54):
You're always happy when we're in the you know, when
we're rising. Anything anything in the green rose just enough
yesterday to make it worthwhile. And tomorrow will be a
vitro Wednesday. Who knows what's going to happen. And there's
a lot of movement going on you mentioned some of
the winners and losers already. How is that what's going
on with the bond market right now, because that's where

(03:15):
a lot of investors are looking at what is going
to cost us?

Speaker 2 (03:19):
Right And if we at the bond market ten years
sitting at four point four one, it's spent a little higher.
We talked when it was going over four point five,
so it's actually we treated it a little bit. And
the two years sitting at three ninety one cents. If
the market tends to get rough and things get rough,
that interest rate will start climbing, that price of bonds
will go down. But it's it's gone up and down,

(03:41):
but nothing really major major, But again we do keep
our eye on that as well.

Speaker 3 (03:46):
All right now, we had I think where there were
two reports yesterday. One of them I think it was
on manufacturing. That one came in better than expected.

Speaker 2 (03:54):
Right, well, we were at forty eight point seven on
the manufacturing number. They were expecting forty eight point five,
So small tickdown, but it came right what they thought.
And I think they made more out of it than
what it said. Oh it's stuff spercolating underneath that, you
know what. I like that number right at forty eight
point five, exactly what they thought. Even the consumer spending
it was at minus point eight, expecting a positive point two.

(04:18):
It came in at negative point four, better than last month,
but not what we expected. I thought there'd be more
construction spending, but we'll see. And then today we're looking
at factory orders and job openings.

Speaker 3 (04:31):
All right, factory orders and job openings, all right, Tim,
we'll have all that information for us tomorrow. Tomorrow, of course,
is oh we TRO wednesday. And now, if you want
to get a hold of them before we TRO wednesday hits,
give him a call four one nine eight two four
thirty three hundred, timw at WTRO Advisors dot Com, by email,
or hit them up on Facebook.

Speaker 1 (04:52):
Sign up for the for You weekly newsletter.

Speaker 3 (04:54):
Advisory services are offered through Capital Investment Advisory Search versus
LC securities are offered through Capital Investment Group, a member
of FINRA SIPC