Stocks rose sharply again, but all eyes are on PCE and Core PCE inflation index readings due out tomorrow.
Apple is both raising wages and cutting back iPhone production in an eerily paired combination that on a broader scale can signal recessionary forces.
• Pending home sales dropped for the 11th consecutive month.
• Friday will bring the crucial PCE and Core PCE inflation index results for last month -- often considered the Fed's preferred inflation metric.
Headlines of the Day
Stocks Wrap Up Another Solid Day. That Fed Feeling.
Minutes from the latest Federal Reserve meeting confirm the central bank will be raising interest rates but no more aggressively than it already has signaled.
Apple to Boost Pay for US Workers as Inflation Bites
Follows increases in February and Microsoft also hiking pay. Cupertino company is facing a campaign for unionization.
Apple to Keep iPhone Production Flat as Market Grows Tougher
Apple Inc. is planning to keep iPhone production roughly flat in 2022, a conservative stance as the year turns increasingly challenging for the smartphone industry.
China’s Economic Slump Shows No Signs of Bottoming Out in May
Lockdowns keep weighing on activity: Bloomberg aggregate index. Declines in home and car sales continued at slower paces.
Economic Data Results for 5-26-2022
United States Initial Jobless Claims
The number of Americans filing new claims for unemployment benefits decreased by 8 thousand to 210 thousand in the week ended May 21st, from the previous week's unrevised level of 218 thousand and above the market estimate of 215 thousand.
United States Pending Home Sales YoY
Pending Home Sales in the United States decreased 9.10 percent year-on-year in April of 2022, the 11th straight month of falls.
United States Corporate Profits
Corporate profits in the United States fell 4.3 percent to USD 2.42 trillion in the first quarter of 2022, from a record USD 2.53 trillion reached in the previous period.
Economic Data Due Tomorrow on 5-27-2022
PCE Price Index YoY APR
Core PCE Price Index YoY APR
United States Personal Spending
United States Michigan Consumer Sentiment
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