Earlier in the session, the US leading economic indicators rose 2.8% month-over-month in May - the biggest monthly gain ever. The biggest positive contributor to the leading index was jobless claims at 1.9 The biggest negative contributor was ISM new orders at -0.48.
Moreover, in the last week, 1.508 million more Americans filed for unemployment benefits for the first time (notably worse than the 1.29mm expected). That brings the thirteen-week total to 45.7 million. The four-week average now stands at 1.773 million, down from 2.008 in the previous week.
Additionally, all Group of Seven (G-7) foreign ministers on June 17 issued a joint statement calling on Beijing to reconsider imposing the Chinese Communist Party’s (CCP’s) so-called “national security” legislation on Hong Kong. If that happens, it could be positive news for the markets.
Equity markets were calm today, with US indices slightly lower shortly after the US opening bell, however, the US session happens to be bearish many times, thus, the selling could accelerate later in the day.