mmfnschedule   mmfnschedule

«

»

May 21 2015

Investors continue to consider yesterday’s April FOMC meeting minutes

05/20/15 Market Recap:

In what has been a common occurrence over the past few trading sessions, traders stayed primarily on the sidelines with the markets never straying too far from the neutral line. The major averages, hovering near record levels, closed mixed with either marginal gains or marginal losses. Even the Fed minutes, released during the afternoon, inspired nothing more than a short positive burst but did little to spur trading significantly in that direction. As expected, the minutes offered no significant deviation from the Fed’s ongoing message regarding data-dependency and generally agreed that the first quarter slowdown was due to temporary factors such as the west coast port strikes and harsh winter weather. The Fed, in its most explicit terms yet, argued against a June hike saying that it was “unlikely that June economic data would provide enough confirmation that the conditions for raising the target range for the federal funds rate had been satisfied” but stopped short from completely ruling out a near term hike. Sector performance during the session was equally mixed with gains and losses split equally between the ten S&P sectors. Telecom led all sectors with gains of .47% while Financials and Industrials lagged the most.  


Looking Ahead:

Markets are pointing to a slightly lower open this morning as investors continue to consider yesterday’s April FOMC meeting minutes. On tap for today, along with notable earnings releases from Hewlett Packard (HPQ) and Best Buy (BBY), is arguably the week’s busiest stream of econ data with jobless claims, flash manufacturing PMI, and existing home sales expected. Existing home sales, in particular, will be closely watched after Tuesday’s housing starts data pointed to the highest levels of new residential construction in more than seven years. Market participants are hoping for signs of a 2nd quarter rebound and growth in housing activity would certainly point to that. Make sure to listen to Money Matters with Gary Goldberg this Sunday at 11:00 AM on WOR 710 AM Radio to hear our latest economic and market analysis.  This week Gary’s guest is actor Joe Montagne.  Visit our website www.ggfs.com for details.