Don’s Notebook May 8, 2018
Make sure to review overnight comments from Fed Chair Jerome Powell who was speaking at the Swiss National Bank and International Monetary Fund High Level Conference on the International Monetary System, in Zurich, Switzerland. Chairman Powell said the importance of Fed policy is “often verstated” and that economic growth and changes in commodity prices are also key to global financial conditions.
The National Federation of Independent Business (NFIB) monthly Small Business Optimism Index ticked up by 0.1 point in April to 104.8, roughly in line with the consensus forecast. This reading shows small business owners were clearly still very optimistic about their businesses.
In Overnight Markets:
- The MSCI Asia Pacific Index rose 0.5 percent.
- Japan’s Topix index closed 0.4 percent higher, with banks and pharmaceutical firms leading the advance.
- In Europe, the Stoxx 600 Index was 0.2 percent lower at 5:45 a.m. as investors awaited President Trump’s Iran decision and worries over a new election in Italy weighed on equities.
- S&P 500 futures pointed to a lower open, the 10-year Treasury yield was at 2.952 percent, and gold dropped.
Earnings Calls for a crowd of companies including: Disney, Endo International, Crocs, Gartner, Jones Lank LaSalle, Perrigo, Valeant Pharmaceuticals International, Hain Celestial Group and Henry Schein Inc.