Personal income rose 0.4% month-over-month in April, matching expectations of economists surveyed by Bloomberg, and March’s 0.5% increase was revised modestly downward to a 0.4% gain. Also, personal spending was 0.4% higher in April, compared to expectations of a 0.5% advance, and March’s 0.6% rise was revised to a 0.5% increase. The personal savings rate came in at 4.9% for April, matching March’s downwardly revised rate.
The PCE Price Index, which is released with the income and spending data, was up 2.2% year over year in April, inline with expectations, after March’s 1.8% increase was unrevised. The core PCE Price Index, which excludes food and energy, was up month over month 0.2%, matching forecasts, while year over year, core prices moved 1.0% higher, as expected.
The University of Michigan’s Consumer Sentiment Index, was unexpectedly revised higher to 74.3 from the preliminary reading of 72.4 for the month of May, compared to the unrevised level that economists expected. The surprising revision came as the economic conditions and outlook components were adjusted to the upside, while inflation expectations were downwardly revised.
Pending home sales fell sharply, dropping 11.6% month over month in April, compared to the 1.0% decline that economists had projected, and March’s 5.1% gain was revised to a 3.5% increase.
The Dow Jones Industrial Average rose 38 points (0.3%) to 12,442, the S&P 500 Index increased 5 points (0.4%) to 1,331, and the Nasdaq Composite gained 14 points (0.5%) to 2,797. WTI crude oil rose $0.36 to $100.56 per barrel, and the Bloomberg gold spot price advanced $16.88 to $1,536.08 per ounce. For the week, including dividends, the DJIA lost 0.6%, the S&P 500 Index fell 0.2% and the Nasdaq Composite declined 0.2%.
Magnificent Seven Update
Weekly Analysis Of Magnificent Seven ETFs
Daily Update Of Open Positions...Stocks & ETFs
