SamTrader1
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ECONOMIC NEWS
On Friday, the German Bundesbank said the nation may start to see a slowdown in its economy, which would be a further blow to the European Union as it struggles to contain a debt crisis in peripheral nations. Also, Greece is not helpingthe EU, Fitch downgraded Greece’s credit rating to junk-bond status.
The Philadelphia Fed’s business activity index tumbled to 3.9 in May from 18.5 in April, which was not only a surprising drop but alarming as well. Economists had expected the index to rise to 20, according to Reuters.
The Philadelphia Fed’s business activity index tumbled to 3.9 in May from 18.5 in April, a surprising drop. Economists had expected the index to rise to 20, according to Reuters.
Initial claims for unemployment fell by 29,000 to 409,000 in week ended May 14 from an upwardly revised 438,000 claims the week before. Economists surveyed by Reuters expected claims to fall to 420,000 from the previously reported 434,000.
The four-week moving average of claims, however, reached a six-month high, rising 1,250 to 439,000. Continuing claims fell to 3.71 million in the week ended May 7 from 3.79 million.
THE WEEK AHEAD
MONDAY: Memorial Day—All US Markets Closed.
TUESDAY: S&P Case-Shiller Home Price Index, Chicago PMI, consumer confidence, farm prices.
WEDNESDAY: Mortgage applications, Challenger job-cut report, ADP employment report, ISM manufacturing index, construction spending, auto sales; D9: All Things Digital Conference.
THURSDAY: Chain store sales, jobless claims, factory orders, natural gas inventories, oil inventories, money supply.
FRIDAY: Non-farm payroll report, ISM non-manufacturing index; Wal-Mart shareholder meeting.