Investors are most focused on the economy's reopening and any medical progress on the coronavirus, but the post-Memorial trading week has a full calendar of economic reports that should reveal activity during the height of the shutdowns.
Important reports include the Fed's beige book, for a broad view of the economy, April's new home sales, durable goods and personal income and spending. Consumer confidence Tuesday and consumer sentiment Friday may well be the more important reports since they will give an updated view of how consumers view the current situation.The bronze statue "Fearless Girl" on Wall Street wears a respirator mask.Stocks are likely to hang on every medical development and the progress of state reopenings, but there will also be some key economic data in the coming week that should provide a glimpse into the depths of the state shutdowns.
The Fed's beige book of economic activity is released Wednesday afternoon. There is also April manufacturing data in durable goods Thursday and April's consumer income and spending data Friday. While that should provide an interesting view of how sluggish activity became, the market is expected to focus more on May consumer confidence Tuesday and consumer sentiment Friday.
"The backward looking data is not going to get any attention paid to it," said Ed Keon, chief investment strategist at QMA. "It's going to be terrible, and that's not going to be a surprise. Confidence has held up pretty well, all things considered. It's the PPP and unemployment benefits. People who get some support for income seem to be pretty confident.
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Is that what data does? Gee golly.
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