Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Day Ahead: Top 3 Things to Watch for May 29

Published 2020-05-28, 07:21 p/m
Updated 2020-05-28, 07:27 p/m
© Reuters.

© Reuters.

Investing.com - Here are three things that could move the markets.

1. Powell to Speak

Those looking for a broader look on the economy will get to hear from the head of the Fed tomorrow.

Federal Reserve Chairman Jerome Powell will participate in a webcast with force Fed Vice Chairman Alan Binder at 11:00 AM ET (15:00 GMT).

Powell said last week at a “Fed Listens” event that the biggest economic impact of the Covid-19 pandemic is being borne by those “least able to bear it”.

2. Spending and Income Data Arrive

Economic indicators continue on this holiday-shortened week with consumer spending in the spotlight.

The Commerce Department will report on personal income and spending at 8:30 AM ET (12:30 GMT).

Economists predict that personal income in April fell 6.5% and that spending plunged 12.6%, according to forecasts compiled by Investing.com.

Both would be record declines.

At 10:00 AM ET, the University of Michigan will issues its final measure of May consumer confidence.

The Michigan sentiment index is expected to tick up to 74 from the preliminary measure.

3. How Are Weed Stocks Doing During Lockdown?

Canopy Growth (NYSE:CGC) will report earnings tomorrow before the bell.

Analysts are predicting a loss of 30 cents per share for the quarter, with sales of a little more than $95 million, according to analysts forecasts compiled by Investing.com

The stock popped more than 9% today and cannabis stocks have been rallying since New York Governor Andrew Cuomo said he again he was pursuing legalization of marijuana.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.