The Dow broke a five-day losing streak to close higher by 0.14%. It was another session when nothing mattered. The Empire Fed Manufacturing Report missed by a factor of 10 coming in at -31.8%, showing a complete collapse in Orders. The S&P hit a low at 4110 on this news before buyers returned driving all three Indexes higher on the day. Worries over the U.S. defaulting on its debt continue to rise as congressional leaders and President Biden work to negotiate a deal. The supposed “deadline” of June 1 that was first reported by U.S. Treasury Secretary Janet Yellen is now only two weeks away. With each day that passes, market volatility will increase, creating an undesirable scenario for many investors. The next meeting between President Biden and House Speaker McCarthy is scheduled for this afternoon. Earnings seasons continues this week with retail bellwethers Walmart (WMT) and Home Depot (HD) set to report first quarter earnings. Investors will be closely watching retail earnings this season to get a better gauge on the status of inventory levels and consumer demand heading into the summer. Investors will be paying close attention to the remarks of several Federal Reserve officials who have scheduled speaking appearances this week. Fed Vice Chair Michael Barr is scheduled to testify before Congress regarding the recent turmoil in the banking sector and address questions related to the central bank’s response to the matter. The collective tone of Fedspeak this week could significantly influence investors’ opinions on the future of rate policy. European Markets closed higher. The Euro-Zone is set for a big week of economic releases ahead. In Europe we will see the latest data on business conditions and sentiment. In the U.K., investors will be keenly watching for an update on labour data which could highly influence the Bank of England’s next rate policy meeting. In Asia, China, has an influx of data will be released early in the week as investors look to see if the world’s second-largest economy has gained any momentum in its recovery that has appeared to be lost in recent months. Elsewhere, Oil rose 1.53% while Gold closed higher by 0.20%.
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For anyone following my Platinum Service it made 50 points yesterday and is now ahead by 2441 points for May. April saw a gain of 3354 points while March closed with a gain of 6168 points. The Platinum Service made 3164 points in February, 4687 points in January 2054 points in December, 4789 points in November and a record 9619 points last October. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 1900 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification
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