The Institute for Supply Management (ISM report) came in lower than Street consensus at 57.3 (vs. estimates of 57.5-60.) This survey asks purchasing managers about the general direction of production, new orders, order backlogs, their own inventories, customer inventories, employment, supplier deliveries, exports, imports, and prices.
- Later today, Motor Vehicle Sales in April will be announced, providing the latest update on consumer spending in general.
The May Federal Open Market Committee begins today.
- The FOMC meets eight times a year in order to determine the near-term direction of monetary policy. Any interest rate decisions will be announced tomorrow, May 2.
Key Earnings Announcements today: BP, Merck, Hannesbrands, Tapestry, Pfizer, Apple and Snap.
President Trump delayed the imposition of steel and aluminum tariffs on the European Union, Mexico and Canada until June 1, with the administration saying it has reached agreements-in-principle with Argentina, Australia and Brazil.