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May 11 2016

Stocks rallied more than 1% on Tuesday, after a slew of positive earnings reports

Market recap:

Stocks rallied more than 1% on Tuesday, after a slew of positive earnings reports – including an impressive report from Amazon – lifted investor’s spirits. An absence of negative economic news and Fed speakers helped contribute to the rally as there was little new news for market bears to hang their hats on. A slight rally in Treasuries as well as the US dollar also contributed, as traders viewed this as confirmation that these are likely to remain in their current trading ranges. The JOLTS (Job Openings and Labor Turnover Statistics) report gave little reason for the Fed to become more hawkish as we approach the June FOMC meeting. While there are over 5 ½ million job openings in the United States, the rate of job changes and length of time new jobs go unfilled continue to point to a somewhat weaker than normal jobs market.


Looking Ahead:

U.S. equity futures are pointing to a slightly negative open in early hours, as investors around the globe are taking a pause after yesterday’s rally to search for new reasons to lift share prices. There is little in terms of economic news today, so perhaps markets will experience some calmness before the deluge of earnings and economic data, including Thursday’s Import / Export price report as well as Friday’s retail sales report. Over the weekend, investors will get news on Chinese Industrial Production as well as Retail Sales, both numbers will be heavily dissected to discern the strength of the Chinese economy. Make sure to tune into Money Matters with Gary Goldberg this Saturday at 3:00 PM on The Answer 970 AM, visit our website for details.