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The CML Close - Markets up, brace for busy economic data week ahead - 05-23-2022

Date Published:

Indices were up while small cap growth was a laggard.

A slew of economic data is due out this week, starting with global services and manufacturing flash, as well as new home sales, and the Richmond Fed manufacturing and shipment indices tomorrow.

On Thursday, May 26th, PCE and Core PCE inflation readings come out. The PCE measure is the Federal Reserve's preferred inflation measure. On Thursday the market will also get GDP readings, jobless claims, and pending home sales data.

SPX 3,973.81 +72.45 (+1.86%)
NASD 11,535.27 +180.66 (+1.98%)
DJIA 31,880.50 +618.60 (+1.98%)
R2K 1,785.63 +12.36 (+0.70)
VIX 28.68 -0.75 (-2.55%)
Oil 110.32 +0.04 (+0.04%)

• The market is bracing for a crucial week of economic data coming to a head on Thursday.

Headlines of the Day
Soaring costs and swollen inventories have US retailers on the ropes, and investors fear that the punishment won’t ease anytime soon.
With companies from Costco Wholesale Corp. to Dollar General Corp. and Best Buy Co. set to report earnings next week, investors are bracing for more bad news after a disastrous few days that sent giants like Walmart Inc. and Target Corp. to their worst stock-price drops since 1987.

Investors Accepted a Walmart Miss. But Target Triggered a Retail Rethink.
The S&P Retail Select Index is down 32% year-to-date, compared with the S&P 500’s 18% decline. Visa’s spending momentum index is at its lowest point since February 2021 as consumers spend more for food and gas, and less on discretionary items.

Global Business Is Enduring a Synchronized Slowdown
Days after global finance chiefs described the widespread economic fallout inflicted by Russia’s war in Ukraine, business surveys may show an increasingly synchronized slowdown.

Beijing reports a record number of Covid cases during it current outbreak, reviving concern the capital may face a lockdown
Beijing reported a record number of new Covid-19 cases for its current outbreak. Containing Covid has come at a crushing social and economic cost for China. Millions of Shanghai residents have been confined to their homes for weeks, and even though the lockdown is easing, many restrictions remain in place.

A $5 Trillion ‘Wealth Shock’ Is Cracking Americans’ Nest Eggs
Outsized wealth gains that worsened inequality now in reverse. Housing downturn seen having broader impact as rates surge.

US Gets First 70,000 Pounds of Baby Formula to Ease Shortage
Military plane touches down in Indianapolis after Biden order. White House says product to be in stores as early as this week.

Economic Data Results for 5-23-2022
Chicago Fed National Activity Index
Chicago Fed National Activity Index in the United States increased to 0.47 points in April from a 3-month low of 0.36 points in March of 2022.

Economic Data Due Tomorrow on 5-24-2022
S&P Global Services PMI Flash (consensus estimate: 55.2)

S&P Global Manufacturing PMI Flash (consensus estimate: 57.2)

New Home Sales (consensus estimate: 0.75 million)

Richmond Fed Manufacturing Index

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