The Week Ahead
The S&P 100, Russell 2000 and NASDAQ 100 were all higher for the week while the Dow Jones Industrial Average was lower. 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. Thursday sees President Trump meet with Japanese Prime Minister Abe. Friday sees the G-7 meet in Quebec.
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 factory orders and ISM Services.
3.Earnings Releases. Notable releases next week include PANW HQY HDS GWRE BFB THO AVGO SJM COO MTN.
Monday, June 4
The American Society of Clinical Oncologists (ASCO) continues in Chicago this week and will impact many biotechnology and pharmaceutical stocks. Pay attention to BBH, IBB and PPH.
The Apple (AAPL) Worldwide Developers Conference begins in San Jose. Currently, the stock is a put squeeze which could push it to $200 on good news.
April Factory Orders are due out at 10:00 a.m. EDT and are expected to fall to -0.5% from 1.60%.
Tuesday, June 5
NAREIT REIT Week begins in New York City and many REITs will present. Watch to see how IYR trades.
May ISM Services is out at 10:00 a.m. EDT and is expected to rise to 58 from 56.8.
Wednesday, June 6
No events of note.
Thursday, June 7
President Trump meets with Japanese Prime Minister Shinzo Abe to discuss strategy on North Korea prior to next week’s meeting on June 12th.
Friday, June 8
G7 Summit begins in Quebec and President Trump will be meeting with European allies just as he invokes trade tariffs on them.
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