Two major reports headlined today’s early economic news:
- The Federal Reserve’s Industrial Production report.
- Industrial production which rose 0.7 percent in April on top of an upward revised 0.7 percent gain in March. Manufacturing production moved 0.5 percent higher
- The Census Bureau’s New Housing Report.
- The housing starts and permits report for April: Starts fell 3.7 percent in the month to 1.287 million annualized rate. Permits fell 1.8 percent to a 1.352 million rate.
In Global Markets:
- Asia, the indexes closed down at the end of the day’s trading, with the Shanghai Composite having fallen the most, by 0.70%.
- The European indexes were led by the DAX, up by 0.28%.
In the US, the indexes closed down at end of trading yesterday, with the S&P 500 in the U.S. having taken the greatest fall, by 0.68%.
Earnings calls today: Macy’s, Cisco Systems, Titan Pharmaceuticals, Tencent Holdings and Take-Two Interactive Software.
Canadian Prime Minister Justin Trudeau speaks at New York University’s commencement ceremony.