Project Description



S&P500 -2.62%(2,752.06); NASDAQ -2.41% (7,453.15); DJIA -3.01% (24,815.04)


This week’s reports:

  •  Q1 2019 GDP Growth Annualized (second est.) was 3.1% versus the first estimate of 3.2%. 
  • May’s Michigan Consumer Sentiment Index          rose to 100.0 from April’s 97.2.
  • April’s Personal Income rose 0.5% from March’s +0.1%. Personal Spending rose 0.3% from April’s +1.1%.    
  •  March’s S&P/Case-Shiller Home Price Indices rose 2.7% y/y versus February’s +3.0%.
  • April’s Pending Home Sales fell 1.5% from March’s +3.9%. 
  •  May’s Chicago PMI rose to 54.2 from April’s 52.6.    
  •  May’s Dallas Fed Manufacturing Index fell to -5.3 from April’s 2.0.    
  • May’s Richmond Fed Manufacturing Index rose to 5.0 from April’s 3.0.      
  •  March’s Wholesale Inventories rose 0.7% from February’s -0.1%.
  • Initial Jobless Claims for the week ending May 24th rose by 3K to 215K. Continuing Jobless Claims for the week ending May 17th fell by 26K to 1,657K. 
    • Global and US stocks fell, pressured by President Trump’s unexpected announcement that Mexico will be hit by 5% tariffs, rising gradually to 25% in a bid to curb illegal immigration. Investors fear that Mexico tariffs could hurt corporate earnings, increase prices for US consumers and crimp economic growth. Investors were also digesting negative economic news out of China, as manufacturing activity contracted in May, weighed by weaker export orders amid escalating trade tensions with the US.
    • About $3 trillion in value has been wiped off world’s equities in May as an escalating trade war between the world’s two biggest economies stoked fears of a global recession.
    • US indexes closed the month of May down more than 6.5%, their worst monthly performance since December and the worst May 2010.

    click here to read more