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Day Ahead: Top 3 Things to Watch for May 29

Stock MarketsMay 28, 2020 07:27PM ET
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© 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.

Day Ahead: Top 3 Things to Watch for May 29
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Comments (14)
Ziddi Mughal
Ziddi Mughal May 29, 2020 2:57AM ET
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hello
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Gershom Zvi
Gershom Zvi May 29, 2020 2:42AM ET
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Paying extra $600 weekly to unemployment Some people getting UiB more thsn salary !!! Who wants to work after that
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Ioannis Lazaridis
Ioannis Lazaridis May 29, 2020 1:40AM ET
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Braking news : Next Monday FED will start buying shares . They hate red charts , is communist' s favourite colour.
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Lawrence Abbott
Lawrence Abbott May 29, 2020 1:37AM ET
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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.
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Odum Francis
Odum Francis May 29, 2020 1:00AM ET
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I'm expecting big market volatility after his speech - either up or down
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Kaveh Sun
Kaveh Sun May 29, 2020 12:14AM ET
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I dont expect Powell to say anything new.
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Ioannis Lazaridis
Ioannis Lazaridis May 29, 2020 12:06AM ET
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Without a vaccine or a medicine FED has to print whole G.D.P. and free marijuana to keep citizens cool.
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Toro Bull Bull Toro
Toro Bull Bull Toro May 29, 2020 12:06AM ET
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where is my o? I'm hot and blaming our governmnet til I get it!
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Cody Pollard
Cody Pollard May 29, 2020 12:03AM ET
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Thoughts on MGM and Boeing. Looking for thought on the next big gains.
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Kaveh Sun
Kaveh Sun May 29, 2020 12:03AM ET
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Put ur money on red. If it’s red, that’s ur big gain.
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Robert DZ the patterns
Robert DZ the patterns May 28, 2020 10:57PM ET
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The printer Powell
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Daniele Buzza
Daniele Buzza May 28, 2020 10:57PM ET
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Practically tomorrow Joker (Powell) will say that the printer is ready for another tour....
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Daniel Bohbot
Daniel Bohbot May 28, 2020 10:43PM ET
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Instead of stimulus cheques, they should send people pot. Much easier to deal with the situation high 🤣🤣
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Bulls MakeMore
Bulls MakeMore May 28, 2020 10:43PM ET
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Hahaha funny bro! :)
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