Memorial Day Hangover

All quiet on the trading front after the Memorial Day weekend hangover

Intro: Investors have another quiet week after the shortened Memorial Day weekend highlighted by Q1 GDP revision. On the economic front, we have a light week highlighted by Chicago PMI, Michigan Sentiment, New Home sales and Consumer Confidence

 

FOMC Speeches: Multiple FOMC members will be giving speeches around the globe. Investors will be listening to ongoing speeches for hints regarding timing of rate rises and trajectory. Any hints as to timing has the potential to see yields spike higher

 

GDP: On Friday (5/29) 1Q GDP is released. Should GDP come in lower than expected; besides blaming the harsh winter and west coast port shutdown, investors will look for the central bank to delay raising interest rates. Should GDP show positive growth, expect the central bank to potentially raise rates sooner than later

 

Consumer Confidence: On Tuesday (5/26), data on Consumer Confidence is released. If readings come in higher than expected, traders will associate it with consumer’s making bigger purchases and improving market conditions  

 

MONDAY (5/25)

  • US Markets are closed for Memorial Day Holiday
  • European Banks are closed for various holidays
  • FOMC Member Stanley Fischer speaks

 

TUESDAY (5/26)

  • 8:30 AM ET – Durable Orders – Apr
  • 10:00 AM ET – New Home Sales - Apr
  • 10:00 AM ET – Consumer Confidence
  • New Zealand Trade Balance
  • FOMC Member Stanley Fischer speaks
  • FOMC Member Jeffrey Lacker speaks
  • Earnings: Autozone

 

WEDNESDAY (5/27)

  • FOMC Member Jeffrey Lacker speaks
  • G7 Meetings
  • Bank of Canada Rate Statement
  • Earnings: Costco

 

THURSDAY (5/28)

  • 8:30 AM ET - Weekly Jobless Claims
  • 8:30 AM ET – Pending Home Sales – Apr
  • 10:30 AM ET – Crude Oil Inventories
  • FOMC Member John Williams speaks
  • Great Britain GDP 2nd Estimate
  • G7 Meetings
  • Earnings: Royal Bank of Canada

 

FRIDAY (5/29)

  • 8:30 AM ET – GDP 2nd Estimate – Q1
  • 9:45 AM ET - Chicago PMI – May
  • 9:55 AM ET - Michigan Sentiment - May
  • ANZ Business Confidence
  • German Retail Sales
  • G7 Meetings
  • Canada GDP