Market Recap for 5.24.11

Economic Data

New Home Sales - Level - SAAR

Prev 300 K

Rev 301 K

Est 300 K

Range 285 K to 320 K

Act 323 K

Richmond Fed Manufacturing Index: level change

Prev 10

Act -6

 

Overview

Service sector activity slowed in May, according to the latest survey by the Federal Reserve Bank of Richmond. Retail sales dwindled as shopper traffic dropped sharply; big ticket sales remained in decline. Revenues also weakened at non-retail services firms. Looking ahead six months, retail merchants pulled back from their optimism of a month ago. Non-retail services providers maintained a positive outlook, but were less upbeat than in April.

In service sector labor markets, retailers made few changes, while hiring rose solidly at non-retail firms, albeit more slowly than a month earlier. Average wages were nearly unchanged at retail establishments, but spiked at services firms.

Price change in the sector was contained; retail price growth remained at last month's pace, while services firms' prices advanced a bit more slowly in May. Services providers' expectations for price change in the months ahead moderated from their outlook of a month ago, while merchants anticipated an uptick from their previous estimates (Source:http://www.richmondfed.org/research/regional_economy/surveys_of_business_conditions/service_sector/2011/svc_05_24_2011.cfm#tabview=tab0)

Special Report

From HuffingtonPost: Members of Congress Get Abnormally High Returns From Their Stocks

Market Activity

Metals+1.37%

SI+4.84% PA+1.18% HG+0.94% GC+0.69% PL+0.48%

Reuters: Gold hits 3 week high on Euro debt Worries           

Softs+1.04%

LB+2.25% SB+1.86% OJ+1.05% CC+0.66% CT-0.01% KC-0.51%

Energies+0.86%

HO+2.26% CL+2.01% RB+2.00% NG-0.37% ZK-1.36%

Goldman raise oil price outlook

CFTC Says Crude oil Manipulated in '08

Currencies+0.23%

MP+0.47% BP+0.46% AD+0.43% SF+0.41%  EC+0.41% CD unch   JY -0.02% USD-0.32%

Reuters: Euro up vs. USD but Greece saps momentum

 

Financials+0.06%

ZB+0.17% ZN+0.08% ZF+0.03% ZT+0.02% ED+0.01%

Indices+0.02% CRB  +0.47% VIX -1.35%

ES+0.21% YM+0.13% JK+0.12% EW-0.03% NQ-0.26%    

Cash S&P index remains just below the 50d moving average.

AP: Sttocks Slip on European Debt Worries

Grains-0.57%

RS+0.54% BO+0.45% RR+0.33% SM+0.11% S-0.11% O-0.28% C-2.75% W-2.90%

CME Group: Wheat Market Report

WN11 Moves below the 50d moving Average