AMJ (Alerian MLP Index tracking fund)

Sentiment among US consumers rose in early Jun, reaching its highest level in 4 months as inflation eased & the US resolved the debt-ceiling deadline.  The preliminary reading of the consumer sentiment index rose to 63.9 in early Jun from 59.2 in May, according to data from a survey carried out by the University of Michigan.  The forecast expected the indicator to be at 60.2.  Both consumers' current & short-term outlook improved.  The survey's index measuring current economic conditions rose to 68.0 from 64.9 the prior month.  The measure assessing short-term expectations climbed to 61.3 from 55.4 in May.  "Consumer sentiment lifted 8% in June, reaching its highest level in four months, reflecting greater optimism as inflation eased and policy makers resolved the debt ceiling crisis," the survey's director Joanne Hsu said.  "As it stands, though, sentiment remains low by historical standards as income expectations softened. A majority of consumers still expect difficult times in the economy over the next year," Hsu added.  Consumers' year-ahead inflation expectations fell to 3.3% in Jun from 4.2% in May, the lowest level that figure has reached since Mar of 2021.  Inflation expectations for the next 5 years, a closely watched indicator for Federal Reserve's officials, were little changed from May, at 3.0%.

U.S. Consumer Sentiment Improved in Early June as in flation eases

Fewer homes are selling, but they're selling fast: Redfin

The Food & Drug Administration recommended that Covid vaccine manufacturers make single-strain shots for the fall that target omicron subvariant XBB.1.5, the dominant strain of the virus nationwide.  “Based on the totality of the evidence, FDA has advised manufacturers who will be updating their COVID-19 vaccines, that they should develop vaccines with a monovalent XBB 1.5 composition,” the agency said.  Monovalent means a shot is designed to protect against one variant of Covid.  XBB.1.5 is a descendant of the omicron variant, which caused cases in the US to spike to record levels early last year.  It is also one of the most immune-evasive strains to date.  XBB.1.5 accounted for nearly 40% of all Covid cases in the US in early Jun, according to data from the Centers for Disease Control & Prevention.  That proportion is slowly declining, while cases of the related variants XBB.1.16 & XBB.2.3 are rising.  The FDA's decision is consistent with what an advisory panel to the agency recommended yesterday.  That panel unanimously voted that new jabs should be monovalent & target a member of the XBB family.  Advisors also generally agreed that targeting XBB.1.5 would be the most ideal option.

FDA recommends that updated Covid shots target an omicron subvariant this fall

Gold futures inched higher, posting a loss for the week a day after tapping their lowest intraday level since May.  Gold held its own despite all the central bank fireworks & as stocks had the best week since Mar.  A gold plunge did not occur as the hawkish FOMC statement & staff projections were followed by a hesitant Fed Chair Jerome Powell that refused to commit to a Jul hike.  Gold for Aug inched up chump change to settle at $1971 an ounce.  Prices based on the most-active contract ended the week with a decline of 0.3%

Gold Futures Mark First Weekly Loss in 3 Weeks

Oil futures climbed, with US benchmark prices posting a gain of more than 2% for the week.  Chinese oil demand has been the biggest uncertainty in the market, with the Intl Energy Agency's (IEA) last monthly report predicting strong growth in H2.  Yesterday a report said that Chinese authorities were preparing aggressive economic stimulus measures.  That suggests the IEA’s expectations might prove right, which would mean a much stronger market from Q3.  Jul West Texas Intermediate crude gained $1.16 (1.6%) to settle at $71.78 a barrel.  Prices based on the front-month contract marked their highest finish since Jun 7 & ended the week 2.3% higher.

Oil futures gain more than 2% for the week

Dow Jones Industrials