US Stocks traded lower yesterday to break a 6-day winning streak as investors digest more signs of growing global economic stimulus.
The index of small-business optimism from the National Federation of Independent Business rose to 105.0 in May. Six of ten survey components increased, three were unchanged, and only one fell in May. Nearly two-thirds, reported hiring or trying to hire, a 5-point increase from April, but 54% reported “few or no qualified applicants for the positions they were trying to fill”.
The wholesale cost of goods and services barely rose in May, reflecting easing inflationary pressures in the U.S. amid slower economic growth and fading gasoline prices. The producer price index edged up 0.1% last month, matching forecast. More notably, the increase in wholesale prices over the past year slowed to 1.8% from 2.2%, and down sharply from a recent high of 3.1% last summer.
NASA has opened the International Space Station to tourists and companies are already buying rides to fly so-called “private astronauts” up to the laboratory in the sky for a visit. For approximately $52 million per person, you can purchase a seat to fly with SpaceX. Bigelow Aerospace, a company that is developing space stations that expand, announced that its subsidiary Bigelow Space Operations has “paid substantial sums as deposits and reservation fees” to SpaceX for four launches to the space station.
With Northwest Quadrant Wealth Management, I'm Tyler Simones