Stock Market Today - intraday discussion for the week of May 29.
What to Watch
Memorial Day Holiday
U.S. markets closed
0900 am S&P/Case-Shiller home prices
1000 am Consumer confidence
1030 am Dallas Fed survey
1000 am Pending home sales
Chain stores sales
0815 am ADP employment
0830 am Initial jobless claims
0830 am Real GDP Q1 (second)
0945 am Chicago PMI
1100 am Kansas City Fed survey
May auto sales
0830 am Employment report (May)
0830 am Personal Income
1000 am ISM manufacturing
1000 am Construction spending
Europe Has Wall Street's Bull on a Short Leash
The four-day week starts off slowly with markets closed on Memorial Day in the U.S. but by Thursday and Friday, a large batch of economic reports should provide a good look at the jobs picture, consumer spending and manufacturing activity.
“Even if we do get a good jobs number, you can throw it out the window if Europe falls off further,” said Peter Boockvar, market strategist at Miller Tabak.
“The equity market action in the next week is going to be influenced by news out of Europe,” said Morgan Stanley U.S. equity strategist Adam Parker. Parker said Morgan Stanley expects the jobs data to continue at the more sluggish recent pace than the 200,000-plus reported in the first couple of month of the year. Morgan’s forecast is for 160,000 nonfarm payrolls.
The monthly sales reports from auto makers on Friday and chain stores on Thursday should give a good read on consumer activity, and the ISM survey Friday should be an important look at manufacturing.
Boockvar said even without any scheduled summits or meetings, headlines from Europe will set the direction for markets ahead of the Greek election. The latest polls show Syriza, the leftist party opposed to the Greek bailout and austerity, is barely leading and no party is close to a majority.
“We’ll trade off every poll. The Greek election is not until June 17. Anything before that is just noise unless there are policy decisions taken by the ECB (European Central Bank) and authorities before that election, in the event that they need a contingency,” he said. “I don’t think we go into that day without any news from the euro zone or the ECB. There’s got to be a back stop.”
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