Investor’s Edge: 05/31/2016
Stocks were closed on Monday for Memorial Day. Stocks ended mixed on Tuesday as investors digested a slew of economic data. Tuesday was also the last trading day of the month and stocks rallied for the month of May. On the economic front, personal income and outlays rose 0.4% which matched consensus. The S&P Case-Shiller Housing Price Index rose 0.9%, beating estimates for 0.7%.Elsewhere, Chicago PMI rose to 49.3, missing estimates for 50.7. Consumer confidence came in at 92.6, missing estimates for 97.0. The Dallas Fed Manufacturing index plunged into negative territory, falling to -13.1 from a positive 5.8. Finally, the State Street Investor Confidence Index fell to 106.6, lower than the last reading of 108.6.
Gary’s Thoughts: Dow does not reflect the day as other indices did not budge but beware the massive resistance overhead and a few important big name Dow stocks acting blah!
Stock futures are quiet ahead of Tuesday’s open. Stocks in the U.S. were closed on Monday for Memorial Day. Today is the last trading day of the month and investors then have the always fun jobs report coming out on Friday.
Gary’s Thoughts: QUIET IS A GOOD THING AFTER A MOVE UP LAST WEEK.
- Personal Income and Outlays 8:30 AM ET
- S&P Case-Shiller HPI 9:00 AM ET
- Chicago PMI 9:45 AM ET
- Consumer Confidence 10:00 AM ET
- State Street Investor Confidence Index 10:00 AM ET
- Dallas Fed Mfg Survey 10:30 AM ET
- Farm Prices 3:00 PM ET
- Japan puts military on alert for possible North Korea missile launch
Gary’s Thoughts: Nothing will come of it but leave no doubt, that beany baby running North Korea is insane.
- China’s Slowdown Hits Nearby Economies Hardest
Gary’s Thoughts: Wait! Hold on! Didn’t we just hear China was fine?