U.S. Consumer Spending hits new record

April in the U.S saw consumer spending fall by a record figure of 12.6%. Today saw another record number for one of the key indicators in the American economy. 

The Commerce Department stated on Friday that consumer spending, which currently accounts for  roughly 60% of U.S. economic activity, jumped by 8.2% in May.

This increase  is the largest increase since the government started tracking the data series in 1959.  

Although personal income dropped 4.2%, the most since January 2013, spending on durable goods grew.

Dow drops as Texas rethinks reopening plans

On Friday, Texas Governor Greg Abbott confirmed that he will roll back the state’s reopening as COVID-19 cases continue to rise at a rapid pace..

Texas has seen the average daily infection number climb from around 3,000 from April through mid June, to now reaching as high as 6,000 new cases a day.

In mid-day trading the Dow Jones Industrial Average fell by around 2.25%, while the S&P 500 and NASDAQ also dropped 1.89% and 1.75%, respectively. 

The NASDAQ has now dropped below the 10,000 level after hitting a new all-time high earlier this week.

Microsoft set to permanently close its retail stores

Today Microsoft has announced that they will be permanently closing all 83 of their retail stores.

Microsoft has been one of the big winners during the global lockdown as sales and usage of its products have grown as customers have been forced to stay at home. 

 As a result the company will focus on its online store where customers can go for support, sales, training and more.

Quote of the day: “There is a time to go long, a time to go short and a time to go fishing.”

Jesse Livermore

Biggest Bull

EURGBP: EURGBP bounced from a low of 0.899 yesterday to hit a high of 0.909 today. This is the highest level for the pair since March.

Source: Tradeview MT4

Biggest Bear

UK100 (Futures): After recent spells of uncertainty in the UK regarding Brexit, the UK100 has staggered. Today saw further drops in the index as sellers continued to sustain the 6256 resistance.

Source: Tradeview MT4