1) The Dollar has hit its highest value for 2019, as measured by the Bloomberg Dollar Index. This is when President Trump wants the Dollar value lowered to position America better in international trade. The President claims that the Dollar is so strong now, that it is hurting other parts of the world. He is even suggesting that the U.S. should actually weaken the Dollar, although this could turn the trade conflict into a currency war. Presently, the U.S. economy is doing much better than global peers, so it is unlikely to deteriorate faster than other countries and therefore is unlikely for the Dollar to weaken on its own accord.
2) The millennials are turning away from the large elaborate houses of the baby boomers in the sun belt. Houses built before 2012 are being sold at a deep discount, sometimes as much as a half, so owners are not making a profit. Large homes are receiving 12% to 45% fewer views on the internet and are selling up to 73% slower.
3) America’s steel giant, U.S. Steel announced layoffs of hundreds of its workers in Michigan. The layoffs are expected to be temporary because of a halt in production at the Michigan facility, while also idling two blast furnaces. The reason for production cutbacks is lower steel prices and softening demand. The layoffs are anticipated to last about six months. U.S. Steel’s stock has dropped 73% since March of 2018.
4) Stock market closings for – 20 AUG 19:
Dow 25,962.44 down 173.35
Nasdaq 7,948.56 down 54.25
S&P 500 2,900.51 down 23.14
10 Year Yield: down at 1.56%
Oil: down at $56.12