The U.S. weekend information cycle was chaotic, headlined by riots in a number of American cities. Unrest in Minneapolis shortly unfold to Los Ang
The U.S. weekend information cycle was chaotic, headlined by riots in a number of American cities. Unrest in Minneapolis shortly unfold to Los Angeles, San Francisco, and Washington D.C. Whereas these kind of occasions are usually not unusual, they’re evident of an election yr. Nonetheless, merchants and traders are largely ignoring the unrest. This morning’s motion on Wall Road has been bullish, with the DJIA DOW (+88), S&P 500 SPX (+15), and NASDAQ (+70) all within the inexperienced.
On the financial information entrance, at the moment introduced a couple of releases worthy of observe. Right here’s a have a look at the highlights:
Occasion Precise Projected Earlier
ISM Manufacturing Employment Index (Could) 32.1 35.0 27.5
ISM Manufacturing PMI (Could) 43.1 43.6 41.5
Like the entire different metrics, this morning’s ISM numbers aren’t all too nice. The ISM Manufacturing PMI (Could) stays at dismal ranges, however did enhance from April’s figures. To be sincere, these stories don’t imply an entire lot ― financial exercise is in contraction and the markets comprehend it. Hopefully, we are going to start to see dramatic enhancements because the summer season wears on.
Chaotic Information Cycle Leaves WTI Unaffected
In a Weekend Replace from final Saturday, I broke down the current power in WTI crude oil. Since then, not a lot has modified. Costs are in bullish territory to open the buying and selling month of June.
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Overview: As we transfer into the summer season months, all eyes are on the GAP space ($41.88-$37.33) for July WTI crude oil. Costs have damaged above the 38% Yearly Retracement ($34.72) and seem prepared to increase features. Be looking out for July WTI to check the GAP space this week, whatever the information cycle.