It was a bearish week for most US equity indexes, with net weekly changes ranging from -2.3% (R2K), -0.6% (NYSE comp'), -0.3% (Trans), -0.2% (Dow), -0.1% (Nasdaq comp'), to +0.1% (SPX).
Lets take our regular look at six of the main US indexes (weekly candle charts)
sp'500
Nasdaq comp'
Dow
NYSE comp'
R2K
Trans
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Summary
Five indexes were net lower for the week, with one net higher.
The R2K was sig' lower, whilst the SPX was fractionally higher.
The SPX and Nasdaq broke new historic highs.
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Looking ahead
Earnings:
M - $BIDU $TOYO $NRXP $BRC $CGEN $RNW $IQ $DUOT $AGYS $FATN $GOSS
T - $HD $VRT $AS $ECC $MMYT $RERE $RDCM $LUXE $HSAI $CRNT $KEYS $CAVA $TOL $AUNA $CCIF $RRGB $JHX $ZTO $XELB $EGHT
W - $TGT $LOW $TJX $ADI $VFC $ZIM $ARCO $HAS $GDS $PERI $NVDAS $ELF $INTU $SBLK $URBN $STEP $NDSN $BLTE $ENS
T - $WMT $DE $NIO $WMS $LSPD $HLNE $AAP $DAVA $RL $NTES $DECK $ZM $TTWO $WDAY $BULL $CPRT $FLO $ROST $RAMP $LION
F - $BJ $BAH $GSL
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Econ-data/events
M -
T - Pending home sales
W - EIA Pet', FOMC mins (2pm)
T - Weekly jobs, housing starts, building permits, Phil' Fed' manu', PMI serv' & manu'
F - Consumer sent', leading indicators.
*as Monday May 25th is CLOSED, I would expect the preceding Friday to be very subdued on low vol'
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Final note
The week ended on a significantly weak note, as the setup favours the bears ahead of the long weekend. Beyond Memorial day, I lean net bullish into the SpaceX IPO - apparently due Friday, June 12th. We have to expect some degree of hysteria, surrounding what will likely be the biggest IPO of all time.
Bond yields are an issue, although I'm aware most of you don't care about such things. The bond market is demanding higher yields for good reason, as inflation is on the rise. Most have given up on any hope of rate cuts this year, with an increasing number expecting a hike before year end.
Just two more weeks, and the Strait of Hormuz will have been largely closed for three months. The mid term implications - especially for fertiliser, can't be over-stated. Again though... few want to hear about such things, as it only makes them uncomfortable.
As ever... just be sure to have enough popcorn for episode 2026 of 'Planet Krazy'.
Have a good weekend
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*the next post on this page will likely appear 6pm
EDT on Monday.
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