Don’s Notebook April 27, 2018

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Don’s Notebook April 27, 2018

Today’s GDP report was keyed to consumer spending levels. A sharp rise in service spending helped keep first-quarter GDP in the respectable range, at an annualized 2.3 percent rate and 3 tenths above Street estimates.

  • Service spending contributed nearly 1 full point to the result and offset a sharp decline in spending on durables.
  • Consumer spending in total rose at a 1.1 percent pace, subdued but still positive.

In World News, Kim Jong Un became the first North Korean leader to cross the border to the South today in a seminal moment in the nuclear-armed peninsula. North and South leaders stated willingness to end their war this year, and to aim for complete denuclearization.

Overnight Markets have welcomed the Korean meeting and the announcements.

  • The Asia Pacific Index rose 0.6 percent.
  • Japan’s Topix index closed 0.3 percent higher after the Bank of Japan left its policy stance unchanged.
  • In Europe, the Stoxx 600 Index was broadly unchanged at 5:30 am ET, The index looks headed for its fifth consecutive week of gains.
  • S&P 500 futures were broadly unchanged,

Earnings Reports: Today big oil dominates proceedings, with Exxon Mobil Corp. and Chevron Corp. both reporting.

  • Oil watchers will also be keeping an eye on today’s Baker Hughes rig count which has been on a strong run recently.
  • Tech earnings yesterday put smiles on lots of faces as Amazon.com Inc., Intel Corp., and Microsoft Corp. all beat expectations.
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Dr. Don Pratl is Director of Trader Development and Education for TradeStation. He joined TradeStation in 2016 after holding similar roles with other online brokerages. Don’s long career in the financial services industry reflects expertise in administering trading and investment strategy programs for retail investors as well as financial services professionals. Since the 1980s, he has held various positions in areas including CBOE trading floor order execution, marketing, sales, personnel management, training and customer service. Don holds series 3, 4, 7 and 63 FINRA licenses, earned his Ph.D. in Organization and Management, and his M.A. and B.A. in Political Science. He has been an occasional adjunct college instructor since 2004 at a range of institutions, teaching undergraduate, graduate and doctoral students using in-class and online formats.