Traders Market Weekly: Summer, Manufacturing, Jobs and Debt Ceiling

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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 ( consensus 57.8) from 57.7 in the prior reading.


    WTI crude oil futures up 1.0% to $72.51/bbl.
    Natural gas futures are down 1.2% to $2.45/mmbtu.


    “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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