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S&P 500 is at the edge of its safety zone
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5 Days after Monday s Plunge, Stocks Score Fresh Highs Friday
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by Tyler Durden
Monday, May 17, 2021 - 07:58 AM
US equity futures and European stocks dipped in a quiet overnight session to start the week amid renewed concerns about rising inflation and a spike in Covid-19 cases in parts of the world. Gold briefly reached a three-month high, while oil and the dollar were little changed; 10Y TSY yields rose after dropping earlier in the session.
At 715am ET, Dow e-minis were down 125 points, or 0.36%, S&P 500 e-minis were down 17 points, or 0.39%, and Nasdaq 100 e-minis were down 46 points, or 0.34%, reversing much of Friday’s rebound.
Wall Street s main indexes rebounded on Thursday and Friday as investors picked up beaten-down stocks following a pullback earlier in the week on concerns around inflation and a possible tightening by the U.S. Federal Reserve. However, the mood reversed on Monday with travel, oil & gas and industrials the weakest sectors, while telecoms and autos were strong. Shares of Discovery jumped 12.5% in premarket tradin
by Tyler Durden
Monday, May 17, 2021 - 09:40 AM
Looking forward at the coming relatively quiet week, the flash PMIs for May (Friday) will be the data highlight but - as DB s Jim Reid notes -
it’s tough to know what they’ll tell us that we don’t already know. Having said that, as we noted previously Deutsche Bank s equity strategist Binky Chadha has previously said that they’ll likely be an equity correction once the ISM rolls over from its current lofty peaks even as growth stays strong.
The ISM has fallen for one month from its peak so it’ll be interesting to see what the flash PMI shows as a guide. April’s composite number was the highest on record at 63.5. The Euro Area composite PMI was at 53.8, the highest since July.
2021/04/16 00:17 FILE - The New York Stock Exchange is seen in New York, Monday, Nov. 23, 2020. Stocks were moderately higher in early trading Thursday, April 8, 2021,. FILE - The New York Stock Exchange is seen in New York, Monday, Nov. 23, 2020. Stocks were moderately higher in early trading Thursday, April 8, 2021, helped again by large technology stocks that have benefitted from a drop in bond yields. (AP Photo/Seth Wenig) NEW YORK (AP) It s time to show the receipts, CEOs. For more than a year, investors have been pushing up stock prices, even though the pandemic caused profits to crater for companies. With COVID-19 vaccines going into arms and businesses reopening, investors want to see that faith rewarded with some proof of fat profit growth, starting now.
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