Key events and releases for next week

Next week the week will start s him himlowly as the US will be on holiday in observance of Memorial Day. Generally speaking, market activity is lighter on major US holidays although it does not necessarily need to be the case.

Key releases and events include:

Monday, May 30

  • US holiday in observance of Memorial Day. Stock and bond markets are closed.
  • FOMC member Waller is due to deliver a speech titled “The economic outlook and some thoughts on a soft landing” at the Inst. for monetary and financial stability, in Frankfurt Germany

Tuesday, May 31

  • Canada GDP month-to-month, 8:30 AM ET. Estimate 0.5% vs. 1.1% last month
  • US conference Board consumer confidence. 10 AM ET. Estimate 103.9 vs. 107.3 last month

Wednesday, June 1

  • Australia’s GDP quarter on quarter. 9:30 PM ET on Tuesday. Estimate 0.6% vs. 3.4% last
  • Bank of Canada interest rate decision. 10 AM ET. The Bank of Canada is expected to raise rates by 50 basis points. It will be the 3rd rate hike and will bring the target rate to 1.5% – the highest rate since January 2020. The hike comes after a similar rise of 50 basis points at the April 13 decisionOn March 2, the central bank raise rates by 25 basis points to launch the rate hike progression.
  • US ISM manufacturing PMI. 10 AM ET. The expectations are for the PMI decline to 54.9 from 55.4. The regional indices have all been weaker than expectations.
  • JOLTS job openings. 10 AM ET. The JOLTS job openings have remained strong with job openings at record levels and quit rate also elevated. Employment length. There have been a number of job slowdown announcements recents. Below is a list of those announcements.

US stocks end the week with strong gains and close at session highs

  • Nasdaq has best week in more than 2 months
  • Dow is up for the 6th straight day
  • S&P and Nasdaq rose the final 3 days of the week and 4 of 5 days.
  • S&P had its best week in 2022

The final numbers are showing:

  • Dow industrial average rose and 575.77 points or 1.76% to 33212
  • S&P index rose 100.38 points or 2.47% to 4158.23
  • NASDAQ index rose 390.49 point or 3.33% to 12131.14
  • Russell 2000 rose 49.61 points or 2.7% to 1887.85

For the trading week:

  • Dow industrial average rose 6.24%
  • S&P index rose 6.58%
  • NASDAQ index rose 6.84%
  • Russell 2000 rose 6.46%

Hey… its a good week. The catalyst was the expectation that  inflation  may have peaked as a result of a slowdown in the housing market and other weaker data. Yields moved lower for 3rd week in a row. The market priced out 3 rate hikes, and are now looking for 2. Fed’s Bostic also said the Fed may look to pause in September and reevaluate.

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