"No Plan Survives First Contact with The Enemy."
Helmuth Von Moltke
The Plan: Where Things Went Wrong
Well, as Herr Von Moltke could have warned us, things did not quite go as planned, did.
Invesco QQQ Trust (QQQ) is trading lower just before 1:30 PM EST.
Stocks did receive a sentiment boost from some fresh economic data on Friday, however. The IHS Markit Flash U.S. Manufacturing Purchasing Managers’ Index popped to an all-time high of 61.5 in May from 60.5 in April. Economists polled by Dow Jones had expected the index to hold steady.
“The first major economic data point for the month of May was very strong,” Adam Crisafulli, founder of Vital Knowledge, said in a note. “We already know the Fed is thinking about tapering and this release may cause them to think about it a bit harder, but stocks should be fine so long as the Fed doesn’t signal a taper before Nov.”