Dow dropped 188. decliners modestly ahead of advancers & NAZ was off 150. The MLP index went up 3 to the 209s & the REIT index slid 1+ to the 428s. Junk bond funds fluctuated & Treasuries were purchased, lowering Treasury yields. Oil was fractionally higher to the 111s & gold crawled up 2 to 1810.
AMJ (Alerian MLP index tracking fund)
The cost of living and the economy are the most important issues for Americans ahead of this year's midterm election, still outpacing abortion despite the leak of a draft majority of opinion that would overturn Roe v. Wade. 22% of Americans ranked cost of living as the most important issue to them as the midterms near, with jobs & the economy coming in 2nd place at 18%, according to the results of an NBC News poll. The poll is a potentially worrying sign for Pres Biden, who has scored low approval numbers in both categories. Only 33% of those polled approve of his handling of the economy, while just 23% approve of his handling of the cost of living. The 2 top issues have remained unchanged since the last poll in Mar, despite some speculation that the leaked draft ruling potentially overturning Roe would lead to a boost for Dems ahead of the election. Abortion did see a bounce in those that indicated it is the most important issue to them, but still ranks behind Russia's war in Ukraine, voting rights & election integrity, climate change, taxes & spending, border security & immigration, & coronavirus. Biden's overall approval rating also fell to 39%, which marks the lowest of his presidency in the NBC News poll. 56% of Americans say they disapprove of the pres's job performance. Perhaps even more troublesome for him is the number of Americans who believe the country is heading in the wrong direction, with 75% of respondents saying the country is on the wrong track. It was only the 5h time in the 34-year history of the poll that the number has reached 75% or higher. "It is a flashing red light when you see a number like this," Bill McInturff of Public Opinion Strategies, a Rep pollster who conducted the poll alongside Dem pollster Jeff Horwitt of Hart Research Associates. "Americans are telling us this is as bad as 2008," McInturff added.
Poll finds key issues still primary concern despite Roe leak
The yield on the 10-year Treasury note fell to start the new trading week as investors looked ahead to fresh economic data & monitored any clues on the path of monetary policy. The yield on the benchmark 10-year Treasury note slipped 3 basis points to 2.9% & the yield on the 30-year Treasury bond was little changed. Yields move inversely to prices & 1 basis point is equal to 0.01%. Investors will have their eye on retail sales data this week, which could give them insight into how retailers are managing inflation, which remains near 40-year highs. The Empire State manufacturing index for May came in lower than expected.
10-year Treasury yield falls to start the week to 2.9%
McDonald's (MCD), a Dow stock & Dividend Aristocrat, announced it would sell its Russian business after more than
30 years of operations in the country as the war continues in Ukraine. The announcement comes after MCD said in early Mar that it temporarily closed restaurants in Russia & paused operationsin the market. "The humanitarian crisis caused by the war in Ukraine, and the
precipitating unpredictable operating environment, have led McDonald's
to conclude that continued ownership of the business in Russia is no
longer tenable, nor is it consistent with McDonald's values," MCDonald's
said. The company said it is pursuing the sale of
its entire portfolio of McDonald's restaurants in Russia to a "local
buyer" & intends to initiate the process of "de-Arching" those
restaurants, which entails no longer using the McDonald's name, logo,
branding, & menu, though McDonald’s will continue to retain its
trademarks in Russia. McDonald's
said its priorities include seeking "to ensure the employees of
McDonald's Russia continue to be paid until the close of any transaction
and that employees have future employment with any potential buyer." The stock fell 2.32.
If you would like to learn more about MCD click on this link:
club.ino.com/trend/analysis/stock/MCDa_aid=CD3289&a_bid=6ae5b6f
McDonalds makes big change to Russian business
Investors are awaiting developments although there is no indication of improvement in the many headwinds out there, As shown below, the Dow was about 35K at the start of Apr & now it's struggling to hold at 32K.
Dow Jones Industrials
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