In today’s Morning Market Briefing, presenter Fausto Pugliese of CyberTrading University cautioned about “forcing” trades today since he expected a slower market following the Memorial Day market holiday. “Do not be aggressive today” was his warning.
The S&P Core Logic Case-Shiller Index of home prices reported this morning and the Conference Board releases its Index of Consumer Confidence.
- The Case-Shiller 20-city index had been pushing toward 7 percent annual growth, at 6.8 percent in the last report for February. But FHFA’s March data slowed, and Case-Shiller’s year-on-year rate was at 6.4 percent. Monthly estimates were up 0.7 percent for the adjusted rate and up 0.5 percent for the unadjusted rate.
- The Conference Board’s Consumer Confidence reading is expected to show, a May consensus of 128.1, holding onto this year’s gains.
Overnight, the MSCI Asia Pacific Index lost 0.4 percent, while Japan’s Topix index closed 0.5 percent lower for a seventh day of declines.
In Europe, the Stoxx 600 Index was 1.4 percent lower by 5:50 a.m. Eastern Time, with Italy’s main Milan gauge 2.9 percent lower as banks sold off, and Spain’s IBEX 35 Index down 2.8 percent.
Earnings today included, Booz Allen Hamilton, salesforce.com, HP, Inc. and Bank of Nova Scotia.