Market Perspective for May 6, 2019

Producer and consumer inflation will headline a light week of economic data. Economists forecast producer prices will have increased 0.2 percent in April. They predict consumer prices rose 0.4 percent and core CPI climbed 0.2 percent.

The Job Openings and Labor Turnover Survey (JOLTS) report for March will be released. The last report showed 7.1 million job openings.

Uber (UBER) is expected to go public this Thursday, just after its competitor Lyft reports earnings. Aside from the IPO and earnings news, drivers for both companies are planning a multi-city strike on Wednesday over pay concerns. Drivers plan to log off the rideshare apps during rush hour.

Crude oil lost more than $5 per barrel from its peak a few weeks ago. Relative to the S&P 500 Index, SPDR Energy (XLE) is near its December 2018 low and trading at its cheapest level in nearly 20 years. XLE has risen 12.91 percent this year through Friday. SPDR S&P 500 (SPY) has climbed 18.17 percent.

Berkshire Hathaway (BRK/A) reported earnings on May 4th and beat analyst expectations. The firm reported earnings of $5.55 billion, ahead of the $5.29 billion reported for the first quarter in 2018. However, Berkshire owns 27 percent of Kraft Heinz (KHC) and that firm hasn’t filed its 10-K yet. Earnings could be adjusted once the Kraft Heinz 10-K is filed.

Occidental Petroleum (OXY), American International Group (AIG), Pioneer Natural Resources (PXD), Tyson Foods (TSN), Sysco (SYY), KLA-Tencor (KLAC) and Mosaic (MOS) are among the companies kicking off earnings news this week.

Electronic Arts (ERTS), Lyft (LYFT), Regeneron Pharmaceuticals (REGN), Allegan (AGN), Emerson Electric (EMR), Diamondback Energy (FANG), Wynn Resorts (WYNN), Sprint (S) and Petrobras (PBR) report on Tuesday.

On Wednesday, investors will hear from Disney (DIS), Coty (COTY), Marathon Petroleum (MPC), Roku (ROKU), Kraft Heinz (KHC), McKesson (MCK), Twenty-First Century Fox (FOXA), Randgold Resources (RAND) and Microchip Technology (MCHP).

Thursday brings Booking Holdings (BKNG), Trade Desk (TTD), Duke Energy (DUK), Vale SA (VALE), Becton Dickson (BDX), Cardinal Health (CAH) and Symantec (SYMC).

The week concludes with earnings from JD.com (JD), Marriot International (MAR), Viacom (VIAB) and Enbridge (ENB).

 

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