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M Notes:  Mon, 5-6 Thumbnail

M Notes: Mon, 5-6




Week Close: 5-3-24 + (-) %
Dow 38,676 +436 +1.1%
S&P 5,128 +28 +0.5%
Nasdaq 16,156 +228 +1.4%
10-year 4.50 -0.16 -3.4%
Oil 78.11 -5.55 -6.6%


LAST WEEK:

Markets:  They retreated in April over Inflation concerns.   Actually, over concerns the Federal Reserve won’t cut rates in the near future (due to higher Inflation).  

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

Fed Balance Sheet:  $7.363 trillion (last week… down -$39 billion).  Reminder: their balance sheet was closer to $4 trillion before the Pandemic.  

Fed Meeting:   No rate cut.  Inflation continues to slowly rise, causing the Fed to pause once again.  Their rate remains at 5.25%-5.50%, and it’s been there since last July.  

ISM:  The Institute for Supply Management’s Manufacturing Index dropped to 49.2 (April).  Their Services Index dropped to 49.4.  Numbers above 50 signal expansion, while numbers below 50 signal contraction.  

Jobs:  There were 175,000 new jobs in April, missing the consensus of 240,000.  

Jobless claims:  The weekly number came in at 208,000.  The four-week average came in at 210,000.

National Debt:  $34.714 Trillion.  Last week… up +$18 billion Source: usdebtclock.org.

Trade Deficit:   It was $69.4 billion in March.  

Unemployment:  The U3 rate moved from 3.8% up to 3.9%.

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THIS WEEK:

Focus of the week:   In lieu of virtually no economic updates, the focus this week will be corporate Earnings Reports and Forecasts.  

Earnings:  Some of the companies reporting this week:  Airbnb, Allianz, AnheuserBusch InBev, ARM, BP, Disney, Honda, Toyota, and Uber. 

Calendar:   Jobless claims (Thu).