Setting up for Success | ETFsector.com Daily Trading Outlook, May 30, 2024
Equities finished broadly lower on Wednesday as concerns over higher rates and an upcoming GDP report led to selling across the large cap. Industries. The Magnificent 7 mega cap. Growth cadre continue to be and alpha source for active investors. This was reflected in the Nasdaq outperforming on the downside while giving up-58bps, while the S&P 500 dropped -74bps and the Dow brought up the rear off -1.06%.
All sectors were lower in absolute terms with Technology (XLK), Comm. Services (XLC) and Consumer Discretionary (XLY) outperforming the benchmark S&P 500 while commodities exposures brought up the rear.
Eco Data Releases | Friday May 30th, 2024
| Date Time | Event | Survey | Actual | Prior | Revised | |
| 05/30/2024 08:30 | GDP Annualized QoQ | 1Q S | 1.30% | — | 1.60% | — |
| 05/30/2024 08:30 | Personal Consumption | 1Q S | 2.20% | — | 2.50% | — |
| 05/30/2024 08:30 | GDP Price Index | 1Q S | 3.10% | — | 3.10% | — |
| 05/30/2024 08:30 | Core PCE Price Index QoQ | 1Q S | 3.70% | — | 3.70% | — |
| 05/30/2024 08:30 | Initial Jobless Claims | 25-May | 217k | — | 215k | — |
| 05/30/2024 08:30 | Continuing Claims | 18-May | 1796k | — | 1794k | — |
| 05/30/2024 08:30 | Advance Goods Trade Balance | Apr | -$92.3b | — | -$91.8b | — |
| 05/30/2024 08:30 | Wholesale Inventories MoM | Apr P | 0.10% | — | -0.40% | — |
| 05/30/2024 08:30 | Retail Inventories MoM | Apr | 0.30% | — | 0.30% | — |
| 05/30/2024 10:00 | Pending Home Sales MoM | Apr | -1.00% | — | 3.40% | — |
| 05/30/2024 10:00 | Pending Home Sales NSA YoY | Apr | -2.00% | — | -4.50% | — |
S&P 500 Constituent Earnings Announcements by GICS Sector | Friday May 30th, 2024
Busy earnings calendar for Thursday with COST set to report after the bell. Interesting to see if they can follow-up WMT’s stellar quarter. The main focus is the consumer as several staples and discretionary names will also report. We highlighted some of the inflationary headwinds that have the consumer sagging in 2024 in our weekly market letter.
- COST (200-day m.a.| Relative to S&P 500)
- COST is priced to perfection at 50x forward earnings, but it is a strong stock over the short, intermediate and long-term, with the staples retail space a beneficiary of current consumer trends.
Data sourced from Bloomberg
