By Bill Hornbarger, Chief Investment Officer
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Three Things to Watch
- The U.S. economic calendar is relatively light this week, with new and existing home sales expected to be unchanged to marginally softer with mortgage rates back above 7%. On Friday, durable goods and University of Michigan consumer sentiment are released. Durable goods will include insights into companies’ willingness to make capital investments while consumer confidence/sentiment has been falling in recent months, in part because of hotter-than-expected inflation.
- On Tuesday, the minutes from the April 30 – May 1 Federal Open Market Committee meeting will be released. At that meeting, Federal Reserve (Fed) Chairman Powell suggested rates will remain higher for longer based on incoming inflation data. That view has been echoed by several Fed speakers with multiple appearances on the calendar this week.
- Nvidia will release earnings on Wednesday, and major retailers Macy’s, Target and Lowe’s are also on the tape. Expectations for Nvidia are high, and the report will likely set the tone for artificial intelligence-related stocks going forward.
Three Things to Know
- In addition to being the longest living insects in North America at 17 years, back in 1970, Brood X cicadas inspired Bob Dylan to write the song “Day of the Locusts.” (Source: Bind Copilot)
- Memorial Day is observed on the last Monday in May (this year on May 27) and commemorates all men and women who have died in military service for the United States. In 2000, Congress signed the “The National Moment of Remembrance Act” into law. From that point forward, citizens were encouraged to pause for a moment of silence to remember those who’ve died in service to our country at 3 p.m. local time each and every Memorial Day. If you plan to fly a flag on Memorial Day, it should be flown at half-staff from sunrise to noon, then it should be briskly raised to the top of the staff until sunset. (Source: Today)
- A radio station in Russia has been broadcasting a dull, monotonous tone for 24 hours a day, seven days a week, for the last three decades. Every few seconds it’s joined by a second sound, like a ghostly ship sounding its foghorn. (@morbidful)
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.