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Day Ahead: Top 3 Things to Watch for May 29

Published 05/28/2020, 07:21 PM
Updated 05/28/2020, 07:27 PM
© Reuters.

Investing.com - Here are three things that could move the markets.

1. Powell to Speak

Those looking for a broader look on the economy will get to hear from the head of the Fed tomorrow.

Federal Reserve Chairman Jerome Powell will participate in a webcast with force Fed Vice Chairman Alan Binder at 11:00 AM ET (15:00 GMT).

Powell said last week at a “Fed Listens” event that the biggest economic impact of the Covid-19 pandemic is being borne by those “least able to bear it”.

2. Spending and Income Data Arrive

Economic indicators continue on this holiday-shortened week with consumer spending in the spotlight.

The Commerce Department will report on personal income and spending at 8:30 AM ET (12:30 GMT).

Economists predict that personal income in April fell 6.5% and that spending plunged 12.6%, according to forecasts compiled by Investing.com.

Both would be record declines.

At 10:00 AM ET, the University of Michigan will issues its final measure of May consumer confidence.

The Michigan sentiment index is expected to tick up to 74 from the preliminary measure.

3. How Are Weed Stocks Doing During Lockdown?

Canopy Growth (NYSE:CGC) will report earnings tomorrow before the bell.

Analysts are predicting a loss of 30 cents per share for the quarter, with sales of a little more than $95 million, according to analysts forecasts compiled by Investing.com

The stock popped more than 9% today and cannabis stocks have been rallying since New York Governor Andrew Cuomo said he again he was pursuing legalization of marijuana.

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Latest comments

hello
Paying extra $600 weekly to unemployment Some people getting UiB more thsn salary !!! Who wants to work after that
Braking news : Next Monday FED will start buying shares . They hate red charts , is communist' s favourite colour.
Stimulus checks being released are expected to be paid back, and/or dips into tax returns over course of sum number of years. I think that's safer than the Fed dumping more debt on the government to cover already existing debt that came from the years of printing we did after 2008.
I'm expecting big market volatility after his speech - either up or down
I dont expect Powell to say anything new.
Without a vaccine or a medicine FED has to print whole G.D.P. and free marijuana to keep citizens cool.
where is my o? I'm hot and blaming our governmnet til I get it!
Thoughts on MGM and Boeing. Looking for thought on the next big gains.
Put ur money on red. If it’s red, that’s ur big gain.
The printer Powell
Practically tomorrow Joker (Powell) will say that the printer is ready for another tour....
Instead of stimulus cheques, they should send people pot. Much easier to deal with the situation high 🤣🤣
Hahaha funny bro! :)
Does Fed support economy or support Wall Street?
Wall St obviously. The Fed doesn’t much care about people. That’s why in 9 weeks first time jobless claims are at 38 million claims and in those same 9 weeks, the markets have risen 36%. So what do you think?
The two are closely linked nowadays, when most average citizens own stocks in their 401(k)...also, when you support businesses, you are at the same time supporting employers, who are then able to hire and retain their workers, helping families.
Feds does support medium investors in general
I'm sure Powell is going to be the black cloud of doom again
...more like the black sheep of the liberal media! Fortunately we have an heroic president standing up to the bullies who have severely repressed free speech, and attacked the very core of what has made the U.S. the most successful and popular country (tons of immigration since its founding is proof!), and champion for the universal human desire for freedom.
He needs to make his boss happy or end up looking for work
if you are a bull, isn't that what you want? gloom and doom means more chance if not stimulus which means more rally.
I still don't understand how Trump can tell boldface lies 20 times a day about people and not be sued into bankruptcy. what happened to liable and defamation of character suits? His lies are so obvious he'd lose every single case. but somehow we've gone from him being able to tell any lie he wants no matter how blatant, to OTHER people not being able to print the TRUTH and call him on his obvious lies. And some people still don't believe we are living in a dictatorship yet...
If you want to see more than 20 lies a day......watch CNN, MSNBC, CBS, NBC, ABC. Read NYT & Washington Post.
He is a dictator and when there is dictator there are alot of comrades in there as well. Trying to save their own ****
Tell the same things to all governors who got power to do whatever they want. It's not just Trump right now. It's all of them. and people are the most stupid to take all of it!
Where is Trump’s speech?
not important enough I guess haha
That should be 1, 2, and 3
never underestimate trump speech power on prices.
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