US Stocks Finish Flat to Unchanged Ahead of Memorial Day Weekend
$DIA, $SPY, $QQQ, $VXX
US consumer sentiment according to a University of Michigan (MSI) report Friday.
- Consumers anticipated income gains of 1.6%, down from 2.2% in April and 2% last year
- 51% expected the jobless rate to stabilize at current 18-year lows
- Inflation rate over next five to 10 years seen at 2.5% for a 5th month running
American’s consumer sentiment remains elevated by historical standards, retaining most of the gains made since Donald Trump was elected President.
At the same time, Americans are taking note of rising costs for some items: Consumer references to low or discounted prices for household durables, cars and homes dropped to the lowest in 10 years.
Favorable buying conditions declined a bit for big-ticket goods, vehicles and houses.
While purchase plans remain at elevated levels, the widespread declines were due to households’ assessments of the pricing environment, according to the report.
Gasoline prices advanced to the highest since Y 2014, though they are yet to set back consumer spending at a time households are benefiting from lower tax withholding from paychecks and a strong labor market.
“Net price references were the least favorable for household durables since just prior to the Great Recession, for vehicles since Y 1997, and for homes since Y 2006, although higher home prices brightened prospects for selling homes,” the Director of the University of Michigan consumer survey (MSI), said in his statement.
Friday, the major US stock market indexes finished at:DJIA -58.67 at 24753.09, NAS Comp +9.42 at 7433.85, S&P 500 -6.43 at 2721.33
Volume: Trade on the NYSE came in at 720-M/shares exchanged
- NAS Comp +7.7% YTD
- Russell 2000 +6.0% YTD
- S&P 500 +1.8% YTD
- DJIA +0.1% YTD
HeffX-LTN Major US Stock Market Indexes’ Technical Analysis for Week Ended 25 May 2018H
To our US readers, have a terrific Memorial Day weekend, and to our Vets, thank you for your service.
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