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Ford Motor (F 11.61, +0.23, +2.0%): reaches agreement with Tesla (TSLA) providing Ford electric vehicle customers access to Tesla Superchargers across the U.S. and Canada starting Spring 2024
Personal income increased 0.4% month-over-month in April (consensus 0.4%) following a 0.3% increase in March.
Personal spending increased 0.8% month-over-month (consensus 0.4%) following an upwardly revised 0.1% increase (from 0.0%) in March.
The PCE Price Index increased 0.4% month-over-month (consensus 0.3%) and was up 4.4% year-over-year versus 4.2% in March.
The core-PCE Price Index, which excludes food and energy, was up 0.4% (consensus 0.3%) and was up 4.7% versus 4.6% in March.The key takeaway from the report is the combination of a robust 0.5% increase in real spending and the uptick in the year-over-year rates for the PCE Price Index and core-PCE Price Index. That combination will give the Fed some pause about pausing its rate hikes in June.
Durable goods orders increased 1.1% month-over-month in April (consensus -1.0%) following an upwardly revised 3.3% increase (from 3.2%) in March. Excluding transportation, durable goods orders declined 0.2% month-over-month in April (consensus -0.1%) following a 0.3% increase in March.
The key takeaway from the report is that nondefense capital goods orders excluding aircraft — a proxy for business spending — increased 1.4% month-over-month.
The Advance Intl. Trade in Goods Report for April showed a widening in the deficit to $96.8 billion from an upwardly revised $82.7 billion deficit (from -$84.6 billion) in March.
Adv. Retail Inventories jumped 0.2%
Advance Wholesale Inventories declined 0.2%.The key takeaway from the report is on the trade side, which showed exports of goods being $9.5 billion less than march exports and imports of goods being $4.5 billion more than March imports.
Selling picked up in the Treasury market following the data release, especially at the short end of the curve.
The 2-yr note yield, at 4.48% before the data, is up eight basis points to 4.58%.
The 10-yr note yield, at 3.78% before the data, is up one basis point to 3.82%The stock market opened to decent gains ahead of the extended holiday weekend. Continued strength in the mega space has boosted index performance.
Dow +217.77 at 32982.33, Nasdaq +122.12 at 12820.39, S&P +26.95 at 4179.50
The vanguard Mega Cap Growth ETF (MGK) is up 1.0% versus a 0.4% gain in the Invesco S&P 500 Equal Weight ETF (RSP) and a 0.6% gain in the market-cap weighted S&P 500.
Semiconductor stocks also continue to outperform. The PHLX Semiconductor Index is up 2.8%.
The University of Michigan Consumer Sentiment Survey rose to 59.2 in the final reading for May (Briefing.com consensus 57.8) from 57.7 in the prior reading.
“AI” may be the new hope for mankind
Both WALL & “K” streets might benefit with added intelligence – lol 🙂
I would have never guessed in MILLION YEARS that NASDAQ would blow the covers off in great RALLY 🙂Dow 33,093.34 328.69 1.00%
S&P 500 4,205.45 54.17 1.30%
Nasdaq 12,975.69 277.59 2.19%
VIX 17.96 -1.18 -6.17%
Gold 1,947.00 3.30 0.17%
Oil 72.78 0.95 1.32%May 28 – June 3, 2023 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… Summer l
[See the full post at: Traders Market Weekly: Summer, Manufacturing, Jobs and Debt Ceiling]
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