Friends
It was the first day back after the long holiday weekend, but it was also the last trading day for the month of May. Once again, it was somewhat of an uneventful month as the little gains that we had coming into today’s session were mostly erased by todays drop in share prices. Today’s income and spending report showed strength in both spending (autos being the notably strong area) and in individual’s income. The Case-Shiller home price index showed strength in home prices, but on the negative side of the ledger were the Chicago PMI and the Dallas Fed reports, both showing deteriorating manufacturing and business conditions.
As for today’s price action, by the close the Dow Jones Industrial Average was down 86 points to finish the day at 17,787. The S&P 500 was down 2 points to close at 2096. Gold was up $2 to trade at $1219 per ounce, while oil was down $.40 to trade at $48.93 per barrel WTI.
This is jobs week as we get the ADP private payroll number on Thursday (not Wednesday because of the holiday shortened week) and then the non-farm payroll number on Friday. With all the talk about whether the Fed will raise rates in June or perhaps July, this week’s jobs number will be watched very closely by market participants.
I hope everyone stayed dry this weekend. Unfortunately it looks like more is on the way. Take care.
Have a nice evening everyone.
