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| |  | | May 31, 2024 | | Daily Notes Dear Leah, Welcome to our end-of-the-week wrapup, where we break down the past week in "Daily Notes." What follows is a brief rundown of each day's notes, so you can quickly stay in the know. You can read each issue in full – including my “Idea of the Day,” Market Health Check, updates on our current model portfolio, and more – at your Innovation Investor subscriber site.
Monday, May 27 - InvestorPlace offices closed in observation of Memorial Day.
Tuesday, May 28 - Luke is on the tail-end of his vacation and is due to be back in the author’s seat Wednesday. Due to this, today’s issue will be brief, covering only our portfolio notes. Come back tomorrow after the market close for a new, full-length issue of the “Daily Notes”!
You can read these notes in full here. Wednesday, May 29 - The S&P 500’s current technical conditions are consistent with a short-term breather in a longer-term breakout.
- Over the past week, multiple Fed officials have doubled down on the “higher for longer” mantra with respect to interest rates, broadly ruling out any immediate rate cuts and keeping a potential rate hike in-play.
- The Fed presently has the “luxury” of being patient with monetary policy because inflation is stuck at 3% and the labor market is proving resilient.
- Headline labor market numbers look good right now. The unemployment rate is low and job growth is still robust.
- The data currently suggests that the housing market is frozen, with mortgage rates stubbornly staying above 7% and putting a lid on mortgage application demand.
You can read these notes in full here. Thursday, May 30 - The economy grew less than previously reported in the first quarter, while inflation ran softer than previously reported.
- The first read on U.S. Q1 GDP came a month ago, and it showed that the U.S. economy grew by 1.6% in the first three months of 2024, while inflation rose by 3.1%. Today, the second read revised both of those numbers lower.
You can read these notes in full here. Friday, May 31 - The core inflation rate dropped from 2.8% to 2.75% in April, resuming its decline after flatlining in March.
- The three-day sell-off to end May has enacted some minor technical damage to the S&P 500, with the index plunging below its 20-day moving average, the RSI falling below 50, and the MACD line triggering a bearish crossover.
You can read these notes in full here.
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