Business Inventories from May Try to Budge the Trend

We have seen other reports that are more current, so this one might not be as important in a ranking of economic reports. Business inventories are the total dollars inventories held by manufacturers, wholesalers and retailers.

Again, with this now being mid-July, we are not assigning a very high weighting to this report as it is reflecting data from May, and that makes it more than six weeks old.

The markets have had to digest data after several days of big upside gains, so we are still lower this morning, even after the inventories report. The S&P 500 is down by less than a point and the DJIA is down less than five points. We also have the yield on the 10-year Treasury note at 2.57%.