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A quick announcement:
Starting tonight at 8 pm ET, we are running a new YouTube series!
Danny Riley and Rich Miller will discuss CPI and other quant stats for the week.
You can follow Mr Top Step on YouTube, visit the link above to set a reminder to notify you, or just visit the link above at 8 pm ET. Either way, I hope to see you there. It should be a good one!
Our View
The YM finally broke its eight day winning streak, its longest of the year and longest since December. While the ES and NQ closed fractionally higher, all 3 indexes are up 3.6% in May.
Overall, 93% of the companies in the S&P 500 have reported results for Q1 earnings. Of these companies, 78% have reported EPS above estimates, which is above the 5-year average of 77% and above the 10-year average of 74%. As the earnings season comes to a close, there are still some big-name reports this week — including Home Depot and Alibaba on Tuesday, Cisco Systems on Wednesday and Walmart on Thursday.
Today's lone economic report is the Producer Price Index, and Jerome Powell is speaking at the Annual General Meeting of the Foreign Bankers’ Association in Amsterdam at 10:00 a.m. ET.