| | |

The Morning Look

ByGary Kaltbaum

Market Update:

Stock futures are lower ahead of Wednesday’s open. Stocks fell on Tuesday which was the last trading day for May. It is normal to see the market pullback a little after the recent and strong rally we saw over the past week and half.

Gary’s Thoughts: Yuck open. End of month, pre-holiday over. Let’s see how they pull this back. Just noting a few dow stocks not acting well…NKE,MCD,HD,DIS,BA come to mind.

Economic Data:

  • Motor Vehicle Sales
  • MBA Mortgage Applications 7:00 AM ET
  • Gallup U.S. Job Creation Index 8:30 AM ET
  • Redbook 8:55 AM ET
  • PMI Manufacturing Index 9:45 AM ET
  • ISM Mfg Index 10:00 AM ET
  • Construction Spending 10:00 AM ET
  • Beige Book 2:00 PM ET

Highlights:

  • Carl Icahn Says He Bought ‘Large Position’ in Allergan
    Gary’s Thoughts: Based on history, we are going to watch this closely! Keep in mind, Icahn knows this CEO as he put him into the CEO slot at Forest Labs before it was bought.
  • Heartbreaking! Nearly 46 Million People Trapped in Modern Slavery, Report Finds
    Gary’s Thoughts: Criminal!