Markets: Markets were mixed in another roller coaster week.
The S&P roller coaster last week: down, down, up, up, and down slightly.
Fed: Minutes from the Fed’s meeting three weeks prior were released last Wednesday. Nothing really new.
Housing: Starts were down -9.5% in April, but are up +67% YOY. Existing home sales were down -2.7% in April, but are up 34% YOY.
Jobless claims: The number came in at 444,000. Pre Covid the weekly average was around 200,000. In January we finally got below 1,000,000 consistently. In January we averaged 875,000/wk. In March we averaged 728,000/wk. For the first three weeks in May we’re averaging 472,000/wk.
Radio: I’m on the air about 45 Fridays each year. When Bill is doing a Friday broadcast you can normally listen to me at 6:38a, 7:38a, and 8:38a. This week’s cut comes from the 8:38a segment: housing, jobless claims, and a few thoughts about crypto currency. You can find the four most recent radio postings on my website, but here’s the link for last Friday’s posting: https://parker-wealth.com/bill-and-chris-podcasts/bill-and-chris-fri-5-21
Focus of the week: Most of us will be focused on the holiday weekend that’s just ahead. But it will be a pretty busy week for economic updates. I think Thursday will be the focus when we get the latest reads on durable goods and Q1 GDP.
Earnings season is just about done. Some of the companies reporting this week: Best Buy, Dell, Nordstrom, and Urban Outfitters.
Indicator focus: New home sales (Tue); durable goods, the second read on Q1 GDP, jobless claims (Thu), the trade deficit, and the PCE index (Fri).