Afternoon Note
By Charles Payne, CEO & Principal Analyst
5/30/2023 1:50 PM
A mixed market is kicking off this holiday shortened week. Investors are reacting to news over the weekend that President Biden and House Speaker McCarthy reached a debt ceiling deal; however, uncertainty remains until the deal passes Congress.
On the economic front, Consumer Confidence and Expectations fell again in May, dragged down by a decline in how Americans perceive the job market.
|
Conf. Board |
Actual |
Consensus |
Prior |
Revised |
|
Consumer Confidence |
102.3 |
99.0 |
101.3 |
103.7 |
|
Present Situation |
148.6 |
-- |
151.1 |
-- |
|
Expectations |
71.5 |
-- |
68.1 |
-- |
Another disappointing data report, Dallas Fed Manufacturing Survey, contracted for the thirteenth straight month. Economists were expecting a bounce in May (actual -29 vs. consensus -18), but it didn’t happen.
The respondents’ remarks say it all:
Four sectors in the S&P 500 are hanging onto gains, while seven are trading lower with Energy and Consumer Staples down more than 1.1%.
NVIDIA (NVDA) rallied over 5%, hitting a $1 trillion market cap this morning after CEO Jensen Huang unveiled a host of new AI-related products and services yesterday.
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