Wednesday's Close

E-mini S&P 500 Futures (June): Settled at 4193, up 7.50

E-mini Nasdaq-100 Futures (June): Settled at 13,700.25, up 44.00

U.S. benchmarks were holding stable ground ahead of a deluge of economic data. We received April Durable Goods, Jobless Claims, and revised Q2 GDP all at 7:30 a.m. CT. At first look, Durable Goods and GDP were each mixed. Whereas Initial Jobless Claims set a new pandemic low of 406,000, Continuous Claims missed a new pandemic low only due to better revisions for the prior week.

The back half of this week will prove pivotal ahead of the Memorial Day holiday weekend. What type of month-end flows will we see? How does this setup for June? Plus, the data gauntlet also includes the Fed’s preferred inflation indicator, the Core PCE Index, tomorrow. 

The U.S. Dollar began firming yesterday. Does this move have legs? Is it more than a month-end rebound? If so, it would bring a headwind to this rally.

Earnings will also have an impact on the broader sentiment. NVIDIA beat both top and bottom estimates after the bell, with sales growing 84% YoY. The stock stumbled at first, but turned green ahead of the bell. Bank of America released a price target of $750 per share, the stock closed Wednesday at $628. Best Buy crushed earnings this morning and has added 2.5% ahead of the bell after gaining 2.22% yesterday. 

After the close, we look to earnings from Salesforce and Costco, among others. (Disclosure: Blue Line Capital owns NVIDIA and Salesforce)

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