May 28, 2024
Good morning,
Following a quiet week – the S&P 500 Index was virtually unchanged on the week (+0.03%) – and a long holiday weekend, investors are beginning this holiday shortened week with a slight kick in their step. Both equity futures and Treasuries are trading slightly higher in the pre-market. That continues the month’s trend, as both stocks and bonds have performed extremely well thus far in May thanks to a solid earnings season and a Fed that was less hawkish than feared at the end of April. Still, equities have outperformed bonds pretty handsomely thus far in May, which raises the possibility of rebalancing flows (out of stocks) over the next few days.
There is plenty of economic data being released this coming week, but none are key-inflation or growth data points. There are also plenty of earnings announcements coming this week, but again, not the kind the market holds its breath for. Salesforce and Dell are at the top of the list and below them are many retailers which collectively will likely give us the latest temperature of the U.S. consumer.
Be well,
Mike
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