5/21/15 Market Recap:
Equities finished with modest gains yesterday as bad news once again turned into good news for the markets. Existing home sales disappointed, falling by 3.3%, and jobless claims rose more than expected but these economic data points lead to the belief that the Fed will continued its dovish stance regarding interest rates. With the first quarter earnings season nearly over and no other major market moving catalysts to drive trading, trading participation has been muted in recent sessions even as the averages continue to push against record levels. According to the Wall Street Journal, yesterday’s essentially flat close for the Dow marked the fifth consecutive day that the average has moved less than .15% in either direction, its longest such streak since 2006. The Nasdaq led all averages with a gain of .38% yesterday while the Russell was the sole decliner, finishing slightly below the neutral line. S&P sectors were primarily positive as well with seven of the ten sectors finishing higher. A rally in oil prices pushed energy stocks higher, the best sector performer with gains of .84%.
Futures are moving marginally this morning ahead of the last trading day before the Memorial Day Weekend, the unofficial start of the summer season. Though most foresee light trading activity heading into the weekend, traders are still anticipating the release of April consumer price index data and a speech by Fed Chair Janet Yellen regarding Wednesday’s FOMC minutes at 1pm. Neither event however, is expected to bring any major surprises to the table. Make sure to listen to Money Matters with Gary Goldberg this Sunday at 11:00 AM on WOR 710 AM Radio to hear our latest economic and market analysis. This week Gary’s guest are actor Joe Montagne discussing the true meaning of Memorial Day and Wegman’s executive chef Cindy Growman giving some great tips on grilling. Visit www.ggfs.com for details.