May 22, 2020

Stocks are down slightly after mixed economic data leaves investors looking for guidance.  Home sales dropped to a 10-year low and new jobless claims rose by 2.44 million,  which was slightly worse than expected. Manufacturing data released showed a slight improvement in the economy with IHS Markit PMI rising to 36.4.  Likewise, the Philly Fed manufacturing index rose from -56.6 in April to -43.1.  Although less than expected, the rise does signal that April was likely the worst month of this decline.  Gold is trading at $1,720, down nearly 2% so far this week as stocks continue to entice investors amid falling bond yields and hope that the worst of this pandemic is behind us.