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M Notes: Mon, 5-20 Thumbnail

M Notes: Mon, 5-20




Weekly Close:
5-17-2024
+ (-)
%
Dow
40,004
+491
+1.2%
S&P
5,303
+80
+1.5%
Nasdaq
16,686
+345
+2.1%
10-year
4.42
-0.08
-1.8%
Oil
79.96
+1.76
+2.3%


LAST WEEK:


Markets:  The Dow closed above 40,000 for the first time ever, on what was perceived as positive Inflation news.  

S&P roller coaster last week:  Down a tick, Up, Up significantly, Down, and Up.    

Fed Balance Sheet:  $7.304 trillion (last week… down -$49 billion).  Reminder: their balance sheet was closer to $4 trillion before the Pandemic.  

Housing:  Starts were up +5.7% in April, but are down -0.6% Y/Y.

Inflation:  New data.   The PPI (wholesale) came out Tuesday.   The Y/Y, as expected, climbed a tick from 2.1% up to 2.2%.  The CPI (consumer) came out Wednesday.  As expected, the Y/Y dropped a tick from 3.5% down to 3.4%.  

Jobless claims:  The weekly number came in at 222,000.  The four-week average came in at 218,000.

National Debt:  $34.751 Trillion (last week… up +$19 billion).  

Retail Sales:  They were unchanged in April and are up +3.0% Y/Y.

--------------------

THIS WEEK:


Focus of the week:   The Fed Minutes that get released Wednesday afternoon.  We know they haven’t decreased their Interest Rate with Inflation still on the rise.   But will there be anything within the Minutes that gives us further clarification?

Earnings:  The current season is winding down.  Some of the companies reporting this week:  Intuit, Lowe’s, Medtronic, NVIDIA, Target, and TJX Companies.

Calendar:   Existing home sales, Fed Minutes  (Wed); new home sales  , jobless claims (Thu); and durable goods orders (Fri).