{"id":23310,"date":"2024-05-13T06:01:11","date_gmt":"2024-05-13T11:01:11","guid":{"rendered":"https:\/\/www.eoption.com\/morning-preview-may-13-2024\/"},"modified":"2024-05-13T06:01:11","modified_gmt":"2024-05-13T11:01:11","slug":"morning-preview-may-13-2024","status":"publish","type":"post","link":"https:\/\/www.eoption.com\/morning-preview-may-13-2024\/","title":{"rendered":"Morning Preview: May 13, 2024"},"content":{"rendered":"\n
\n
\n

Early Look<\/span><\/b><\/p>\n

Monday, May 13, 2024<\/span><\/b><\/p>\n\n\n\n\n\n\n
\n

Futures<\/span><\/p>\n<\/td>\n

\n

Up\/Down<\/span><\/p>\n<\/td>\n

\n

%<\/span><\/p>\n<\/td>\n

\n

Last<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Dow<\/span><\/b><\/p>\n<\/td>\n

\n

35.00<\/span><\/p>\n<\/td>\n

\n

0.09%<\/span><\/p>\n<\/td>\n

\n

39,677<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

S&P 500<\/span><\/b><\/p>\n<\/td>\n

\n

7.25<\/span><\/p>\n<\/td>\n

\n

0.14%<\/span><\/p>\n<\/td>\n

\n

5,253<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Nasdaq<\/span><\/b><\/p>\n<\/td>\n

\n

43.50<\/span><\/p>\n<\/td>\n

\n

0.24%<\/span><\/p>\n<\/td>\n

\n

18,298<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/span><\/p>\n

 <\/p>\n

U.S. futures are looking slightly higher to kick off the trading week, adding to last week gains, with earnings results from Wal-Mart, Cisco Systems and Home Depot in focus as well as key inflation data in the form of April Producer Prices (PPI) and Consumer Prices and Retail Sales data mid-week. For last week, the S&P 500 gained 1.85%, the Nasdaq climbed 1.14%, and the Dow climbed 2.16% (the Dow rising 8- straight days coming into Monday). The S&P also just recorded a 3-week winning streak, immediately following a 3-week losing streak and closed Friday at its best levels since April 1st<\/sup> and less than 1% from its all-time highs (SPY up 7 straight days longest since December 2023). All three indexes have advanced by at least 3.7% so far this month. The Dow is up the first 8 days of the month of May. That is the longest win streak in the month of May EVER. This is the longest win streak to start any new month since 10 in a row in March ’13. In Asian markets, The Nikkei Index dropped -49 points to 38,179, the Shanghai Index dipped -6 points to 3,148, and the Hang Seng Index rose 151 points to 19,115. In Europe, the German DAX is down -37 points to 18,735, while the FTSE 100 is flat at 8,433. In a notable comment this morning, Stifel strategists say, \u201cthe next 500 points for the S&P 500 are down\u201d. Stifel forecast a decline in the S&P 500 to about 4,750 in Q2 or Q324, a correction of roughly 10%. While most strategists were expecting a recession last year or are eagerly attempting to call the start of one in the next year, Stifel has been of the view that the ~5 quarters Q122 to Q223 were a \u201cpseudo-recession\u201d and the Fed already harvested all the normal post-recession disinflation it would expect. No key economic data this morning, with a few Fed speakers on tap. <\/span><\/p>\n

 <\/p>\n

\n

Market Closing Prices Yesterday<\/p>\n