Project Description

US

S&P500  +3.01% (3,044.31);   NASDAQ  +1.77% (9,489.87);   DJIA  +3.75% (25,383.11)

 

This week’s reports:

  • Q1 2020 GDP Annualized (second est.) contracted 5% versus the advance estimate of -4.8% and Q4 2019’s growth of +2.1%.
  • May’s CB Consumer Confidence Index rose to 86.6 from 85.7 in April, following gradual re-opening of the economy.    
  • May’s Michigan Consumer Sentiment Index fell to 72.3 from April’s 73.7.
  • April’s Personal Income surged 10.5% from March’s -2.2%, as federal economic recovery payments were distributed. Personal Spending fell 13.6% from March’s -6.9%.
  • March’s FHFA Housing Price Index rose 0.1% from February’s +0.8%.
  • March’s S&P/Case-Shiller Home Price Indices rose 3.9% y/y versus February’s +3.5% y/y.
  • April’s New Home Sales rose 0.6% from March’s -13.7%.
  • April’s Pending Home Sales tumbled 21.8% from March’s -20.8%.
  • May’s Chicago PMI fell to 32.3 from April’s 35.4.
  • April’s Chicago Fed National Activity Index (CFNAI) fell to -16.74 from March’s -4.97.
  • May’s Dallas Fed Manufacturing Index rose to -49.2 from April’s -74.
  • May’s Richmond Fed Manufacturing Index rose to -27 from April’s -53.
  • May’s Kansas Fed Manufacturing Activity Index rose to -25 from April’s -62.
  • April’s Durable Goods Orders fell 17.2% from March’s -16.6%. Durable Goods Orders ex Transportation fell 7.4% from March’s -1.7%.
  • April’s Wholesale Inventories rose 0.4% from March’s -1.0%.
  • Initial Jobless Claims for the week ending May 23rd fell by 323K to 2.123M, their eighth straight weekly decline. Total initial claims reached above 40 million since mid-March. Continuing Jobless Claims for the week ending May 16th fell by 3.86M to 21.052M, their first decline since the beginning of the pandemic in the US.