It was a bullish week for US equity indexes, with net weekly gains ranging from +3.0% (Nasdaq comp'), +2.0% (R2K), +1.6% (SPX), +0.9% (Trans), +0.5% (NYSE comp'), to +0.4% (Dow).
Lets take our regular look at six of the main US indexes
sp'500
Nasdaq comp'
Dow
R2K
NYSE comp'
Trans
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Summary
All six US equity indexes were net higher for the week.
The Nasdaq comp' lead the way upward, whilst the Dow lagged
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Looking ahead
The schedule is somewhat lighter, which will give the market more time to focus on the debt ceiling, and perhaps Russia/Ukraine.
Earnings:
M - ZIM, NIU, NAT, ZM, PETS
T - LOW, DKS, BJ, AZO, WSM, VIPS, PANW, INTU, VF, A, TOL, URBN
W - ADI, KSS, XPEV, WOOF, ANF, NVDA, SNOW, ELF, SPLK
T - BBY, DLTR, MDT, TD, BURL, RL, COST, ADSK, ULTA, MRVL, WDAY, DECK, GPS, RH, DOMO, SVM
F - BIG, DSX
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Econ-data/events
M -
T - PMI serv', PMI manu', new home sales
W - EIA Pet', FOMC mins (2pm)
T - Weekly jobs, GDP Q1 (print'2), pending home sales
F - Durable goods orders, pers' income/spending, PCE, intl' trade, consumer sent'
*As Monday May 29th is CLOSED for Memorial day, once the econ-data is out of the way, I'd expect the preceding Friday to be increasingly subdued on light vol'.
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Final note
It was a week for the equity bulls, as many of the mainstream media hacks and 'smart guys', are pretty much back to 'everything is fine again' mode.
Whilst some of the indexes broke new highs for the year, its mostly within the big tech stock, such as NVDA, AAPL, AMZN, MSFT, AAPL, and META. Many other sectors are far.... far behind, not least the banks.
We didn't forget about the regional banks, did we? PacWest, Western Alliance... I could go on, but I'm sure you know many of the other names anyway. They're still all headed the way of SVB and FRC.
I see increasing chatter about a 'Super El Nino', which bodes for some unusual and wild weather this summer (and probably stretching into 2024). Regardless of whether its extra sunny/hot, or wet/cool, you're going to need to order some extra popcorn for 'the big show'.
Its coming.
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Have
a good weekend
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*the next post on this page will likely appear 5pm EST on Monday.
