Good morning. The next day should prove to be quite interesting for investors as the conflict in the Middle East continues. Why the next day? Markets are closed on Thursday for the Juneteenth holiday … which means there will be over 41 hours where anything can happen during hours when the market is shuttered. Seeing the report that people have been instructed to “leave Tehran immediately” is concerning … as the population in the area (including the outlying region) is somewhere on the order of 15 million and reports claim roads are presently jammed … as would be expected. Even with all this, stocks are little changed so far this morning amid some mixed economic news. On the positive side was a recent report showing improving consumer sentiment for May, even in the face of tariff warnings. But retail numbers just came out hinting consumer spending might be slowing and homebuilder sentiment is now at a 2 ½ year low per the National Association of Home Builders (“NAHB”). Granted, there are things in the works that might help certain pockets afford the rise in prices seen in some items. We have the “no tax on tips” and “no tax on overtime” which are part of the “Big, Beautiful Bill” … and while social security tax freedom is not included, passage related to tips and overtime would be welcomed by many. On top of this there are now growing calls to (finally) increase the Federal Minimum Wage … even though some states have already done so on their own. What all this does to the nation’s … soon-to-be $37 trillion dollar debt … remains to be seen. I’ll end today on a bland note … as Heinz is removing artificial dyes from many of its products … including Jello … though I get the sense that even though the flavor might be the same that an uncolorful product (especially cherry) will be a turnoff. I mean … the clear soda attempt by Pepsi was short lived and, happily, shelved. Okay, I am now off on a tangent while reviewing the “clear soda” topic … but during research, a site called “Sporked.com” commented on that Pepsi product attempt and shared the view that replacing caramel coloring with cornstarch had a “… resulting beverage … slightly lower in calories, less sweet, and absolutely disgusting.” Oh, my. Have you ever drunk food coloring straight up? I did once … felt quite ill … and even though my doctor said I was fine … … I felt like I dyed a little inside. Have a great day, Joseph G. Witthohn, CFA Have any questions? Please contact info@teamemerald.com
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