May 10, 2021 Headlines

U.S. equity futures and Treasuries are little changed to start the morning as market participants attempt to digest the impact of the Colonial pipeline hack. The critical fuel pipeline remains mostly shutdown from Friday’s cyber-attack, and as a result, the federal government enacted emergency powers lifting limits on fuel transport via roads. Many market participants are still struggling to make sense of Friday’s jobs report, and this week’s calendar is headlined by the April CPI report (Wednesday) and April retail sales (Friday). Regarding the former, year-over-year comparisons for both headline and core CPI are expected to pop above the Fed’s 2% target, due mostly to base effects from last year’s week readings. 

Jason Haley
Chief Investment Officer

5/11/2021NFIB Small Business Optimism100.898.2
5/11/2021JOLTS Job Openings7500k7367k
5/12/2021MBA Mortgage Applications-0.90%
5/12/2021CPI MoM0.20%0.60%
5/12/2021CPI Ex Food and Energy MoM0.30%0.30%
5/12/2021CPI YoY3.60%2.60%
5/12/2021CPI Ex Food and Energy YoY2.30%1.60%
5/12/2021CPI Index NSA265.592264.877
5/12/2021CPI Core Index SA271.95271.214
5/12/2021Real Avg Weekly Earnings YoY3.90%
5/12/2021Real Avg Hourly Earning YoY1.50%
5/12/2021Monthly Budget Statement-$100.0b-$659.6b
5/13/2021PPI Final Demand MoM0.30%1.00%
5/13/2021PPI Ex Food and Energy MoM0.40%0.70%
5/13/2021Initial Jobless Claims490k498k
5/13/2021PPI Ex Food, Energy, Trade MoM0.30%0.60%
5/13/2021Continuing Claims3645k3690k
5/13/2021PPI Final Demand YoY5.80%4.20%
5/13/2021PPI Ex Food and Energy YoY3.80%3.10%
5/13/2021PPI Ex Food, Energy, Trade YoY4.30%3.10%
5/13/2021Langer Consumer Comfort54.4
5/14/2021Retail Sales Advance MoM1.00%9.80%9.70%
5/14/2021Retail Sales Ex Auto MoM0.80%8.40%
5/14/2021Retail Sales Ex Auto and Gas0.30%8.20%
5/14/2021Retail Sales Control Group-0.40%6.90%
5/14/2021Import Price Index MoM0.60%1.20%
5/14/2021Import Price Index ex Petroleum MoM0.60%0.90%
5/14/2021Import Price Index YoY10.20%6.90%
5/14/2021Export Price Index MoM0.70%2.10%
5/14/2021Export Price Index YoY9.10%
5/14/2021Bloomberg May United States Economic Survey
5/14/2021Industrial Production MoM1.00%1.40%
5/14/2021Capacity Utilization75.10%74.40%
5/14/2021Manufacturing (SIC) Production0.30%2.70%
5/14/2021Business Inventories0.30%0.50%
5/14/2021U. of Mich. Sentiment9088.3
5/14/2021U. of Mich. Current Conditions97.2
5/14/2021U. of Mich. Expectations82.7
5/14/2021U. of Mich. 1 Yr Inflation3.50%3.40%
5/14/2021U. of Mich. 5-10 Yr Inflation2.70%
5/14/2021Revisions: Manufacturers’ Shipments, Orders, Inventories

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