Market Happenings For Friday, May 31, 2013

Dow stocks at 52 week highs include Bank of America (BAC), Cisco Systems (CSCO), Hewlett-Packard (HPQ) and JPMorgan (JPM). There are no Dow stock 52 week lows.

The Market

Thursday the Dow closed up +21.73 (+0.14%) at 15,324.53.

This morning the Dow was indicated to open down -80 points.

Consumer spending was down in April for the first time in about a year and inflation pressures were subdued, both pointing to a slowdown in economic activity, which should allow the Federal Reserve to maintain its monetary stimulus for a while. The Commerce Department reported today that consumer spending fell 0.2 percent, the weakest reading since May last year, after edging up 0.1 percent in March. Economists had expected a 0.1 percent gain.

Year-to-date the Dow is up +16.94%.

European markets are lower and Asian markets ended mixed.

The national average price of gasoline is down seven-tenths of a cent to $3.612 per gallon.

Earnings Reports

There are no Dow stocks on the horizon set to report earnings.

Other stocks expected to report earnings today include:

Genesco (GCO) is expected to report first quarter EPS of $0.87 vs. $0.98 a year ago.

Genesco (GCO).

Financial Calendar

830 ET Apr personal spending expected unch, Mar +0.2%. Apr personal income expected +0.1%, Mar +0.2%. Apr PCE deflator expected -0.2% m/m and +0.8% y/y, Mar -0.1% m/m and +1.0% y/y. Apr PCE core deflator expected +0.1% m/m and +1.0% y/y, Mar unch m/m and +1.1% y/y.

0830 ET USDA weekly Export Sales.

0845 ET Cleveland Fed President Sandra Pianalto speaks at a conference titled Financial Stability Analysis: Using the Tools, Finding the Data in Washington D.C.

0945 ET May Chicago PMI expected +1.0 to 50.0, Apr -3.4 to 49.0.

0955 ET Final May U.S. consumer confidence (University of Michigan) expected +0.3 to 84.0, previous +7.3 to 83.7.

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