By Bill Hornbarger, Chief Investment Officer
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Three Things to Watch
- This will be a light week in terms of economic data. On Monday, the U.S. Federal Reserve’s (Fed’s) Senior Loan Officer Survey is expected to show that banks are still tightening lending standards, particularly for the consumer, but also for commercial and industrial loans. This is a survey of 80 large domestic banks and 24 branches of foreign banks covering changes in the standards and terms of the banks’ lending, and the state of business and household demand for loans.
- Friday’s University of Michigan Consumer Sentiment data is expected to show sentiment deteriorated in the most recent period based on the higher inflation data and the weaker-than-expected April jobs report.
- Earnings season is starting to wind down, but a few interesting names are on the docket, including Uber, Tyson Foods and Disney. With 80% of the S&P 500 having reported, the aggregate earnings surprise is +8.7%.
Three Things to Know
- Each day, some $3,500 in coins are thrown into Rome’s Trevi Fountain by tourists making wishes. The loose change that ends up in the fountain has been donated each year to Rome’s Catholic charity Caritas. It has been a huge boost for the charity, and the sum now makes up 15% of its annual budget. (Source: @fasc1nate)
- With 80% of companies reported, S&P 500 first-quarter operating earnings are up 5% over the past year, the fifth consecutive quarter of positive year-over-year growth. (Source: @charliebilello)
- Berkshire Hathaway’s cash position is now at $182 billion. (Source: Berkshire Hathaway)
The above information reflects the current opinion of the author. It is based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security mentioned.