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Morning Matters:

The Week Ahead
by Geoff Garbacz

May 7, 2018

The Dow Jones Industrial Average, S&P 100, NASDAQ 100 and Russell 2000 were all modestly lower on a weekly again despite Friday’s big move. The Big Picture [monthly bias] for the NASDAQ 100, the Dow Jones Industrial Average, Russell 2000 and the S&P 100 remain positive.

1.Geopolitical and Fiscal Events. Monday sees Federal Reserve Dallas President Robert Kaplan, Richmond President Thomas Barkin and Chicago President Charles Evans appear at a Merrill Lynch event from 1:00 p.m. until the close. Monday also sees NAFTA discussions continue. Tuesday sees President Trump give a speech on drug pricing. Wednesday sees Federal Reserve Minneapolis President Raphael Bostic speak at 1:15 p.m. EDT. Saturday is the deadline on the Iran Nuclear Declassification Deal.

2.Economic Releases. Releases of note this week and next include the weekly chain store sales, oil/gas numbers, mortgage applications and jobless claims as well as PPI, CPI and Michigan Sentiment.

3.Earnings Releases. Notable releases next week include CTSH SYY DIS JD TM BUD NVDA DUK ENB TRI A VIPS.

Monday, May 7

Chief Trade Negotiators from the U.S., Canada and Mexico continue discussions in Washington.

Tuesday, May 8

President Trump to give a speech on drug pricing at 10:00 a.m. EDT and it will be important to see how pharmaceutical and biotech stocks react to the speech. Currently, Biotechnology is ranked 52 and Pharmaceuticals are ranked 93. Hard to believe that Trump “the business president” could be worse news for drug stocks than Hillary Clinton but that possibility exists and our ranks validate that possibility.

Wednesday, May 9

April PPI is released at 8:30 a.m. EDT and expected to fall to 0.20% from 0.30%.

The latest short interest from the NYSE and NASDAQ is released after the close of trading. The Data runs through April 30th settlement.

Thursday, May 10 April CPI is reported at 8:30 a.m. EDT and expected to rise to 0.30% from -0.10%.

The Bank of England (BOE) announces its latest interest rate decision.

Friday, May 11

May Michigan Sentiment (preliminary) is released at 10:00 a.m. EDT and is expected to come in at 98 from 98.80.

Saturday is the Iran Nuclear Declassification Deadline. President Trump is expected to overturn the decision. A positive for energy stocks if this happens

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