For today’s trade observers tell us to should watch for labor market stress in the JOLTS report and whether job openings continue to far outpace hirings.
The preliminary reading for April of the University of Michigan Consumer sentiment index came in below the low estimate, at 97.8 for the preliminary April index.
- Expectations fell 1.2 points to 86.8 but the easing so far this month is centered in current conditions which are now at 115.0 and well off the extremely strong 121.2 of March.
- The decline in current conditions hints at trouble for April consumer spending and may be, like weekly jobless claims, an early negative signal on the month’s labor market.
Notable earnings to be released today: Citigroup, JP Morgan Chase, Wells Fargo and PNC Financial Services reporting results.