It was a back-and-forth session across various financial markets overnight.
Brent crude oil touched $112 overnight but has now dropped below $110, and Treasury yields are now essentially flat on the session. U.S. equity index futures are slightly in the red an hour ahead of the open following Friday’s stronger selloff (S&P 500 -1.24%). There are no major data releases today, and the week’s calendar will be headlined by the April 29 FOMC minutes (Wednesday), May PMI data (Thursday), and weekly jobless claims (Thursday). The FOMC minutes should provide a bit more insight into the concerns of the three hawkish dissenting votes and general anxiety related to inflation risks.
Jason Haley
Chief Investment Officer
| Date | Event | Survey | Actual | Prior | Revised |
| 5/18/2026 | New York Fed Services Business Activity | — | -5.8 | -14 | — |
| 5/18/2026 | NAHB Housing Market Index | 34 | — | 34 | — |
| 5/18/2026 | Total Net TIC Flows | — | — | $184.5b | — |
| 5/18/2026 | Net Long-term TIC Flows | — | — | $58.6b | — |
| 5/19/2026 | ADP Weekly Employment Change | — | — | 33.000k | — |
| 5/19/2026 | Pending Home Sales MoM | 1.00% | — | 1.50% | — |
| 5/19/2026 | Pending Home Sales NSA YoY | — | — | 1.80% | — |
| 5/20/2026 | MBA Mortgage Applications | — | — | 1.70% | — |
| 5/20/2026 | FOMC Meeting Minutes | — | — | — | — |
| 5/21/2026 | Initial Jobless Claims | 210k | — | 211k | — |
| 5/21/2026 | Initial Claims 4-Wk Moving Avg | — | — | 203.75k | — |
| 5/21/2026 | Continuing Claims | 1785k | — | 1782k | — |
| 5/21/2026 | Philadelphia Fed Business Outlook | 18.3 | — | 26.7 | — |
| 5/21/2026 | Housing Starts | 1410k | — | 1502k | — |
| 5/21/2026 | Housing Starts MoM | -5.30% | — | 10.80% | — |
| 5/21/2026 | Building Permits | 1380k | — | 1363k | — |
| 5/21/2026 | Building Permits MoM | 2.20% | — | -11.40% | — |
| 5/21/2026 | S&P Global US Manufacturing PMI | 53.8 | — | 54.5 | — |
| 5/21/2026 | S&P Global US Services PMI | 51 | — | 51 | — |
| 5/21/2026 | S&P Global US Composite PMI | 51.6 | — | 51.7 | — |
| 5/21/2026 | Kansas City Fed Manf. Activity | 10 | — | 10 | — |
| 5/22/2026 | Bloomberg May United States Economic Survey | ||||
| 5/22/2026 | U. of Mich. Sentiment | 48.2 | — | 48.2 | — |
| 5/22/2026 | U. of Mich. Current Conditions | 47.9 | — | 47.8 | — |
| 5/22/2026 | U. of Mich. Expectations | 48.5 | — | 48.5 | — |
| 5/22/2026 | U. of Mich. 1 Yr Inflation | — | — | 4.50% | — |
| 5/22/2026 | U. of Mich. 5-10 Yr Inflation | 3.40% | — | 3.40% | — |
| 5/22/2026 | Kansas City Fed Services Activity | — | — | 3 | — |
