S&P500 -1.17%(2,826.06); NASDAQ -2.29% (7,637.01); DJIA -0.69% (25,585.69)
This week’s reports:
- April’s Chicago Fed National Activity Index (CFNAI) fell to -0.45 from March’s +0.05.
- May’s Markit Manufacturing PMI (prelim.) fell to 50.6 from April’s 52.6. Services PMI (prelim.) fell to 50.9 from April’s 53.0. Composite PMI (prelim.) fell to 50.9 from April’s 53.0.
- April’s Durable Goods Orders fell 2.1% from March’s +1.7%. Durable Goods Orders ex. Transportation were flat from March’s -0.5%.
- April’s Existing Home Sales fell 0.4% from March’s -4.9%. New Home Sales fell 6.9% from March’s +8.1%.
- Initial Jobless Claims for the week ending May 17th fell by 1K to 211K. Continuing Jobless Claims for the week ending May 10th rose by 12K to 1,676K.
US stocks fell as a result of a stalemate between the US and China on a potential trade deal. The DJIA was lower for a fifth consecutive week, its longest losing streak since 2011. US shares pared some of their weekly losses on Friday after President Donald Trump said that there remained a good possibility that the negotiations with Beijing could get back on track.