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 Post subject: April 27th Friday Price Action Trade Result - No Trades
PostPosted: Sat Apr 28, 2018 6:17 am 
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Joined: Sat Jan 10, 2009 1:06 pm
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Location: Canada
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Price Action Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
TheStrategyLab Price Action Trading (no technical indicators)
wrbtrader (more info about me): http://www.thestrategylab.com/wrbtrader.htm & http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=127&t=850
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Archive Real-Time Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Users Reviews, Accolades (Testimonials): http://www.thestrategylab.com/Accolades.htm
Review of TheStrategyLab: http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=84&t=3167 & http://www.thestrategylab.com/thestrategylab-reviews.htm
Price Action Trading: http://www.thestrategylab.com/price-action-trading.htm
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Quote:
No trades today for me because I didn't like the way the price action was moving out of the gate. Instead, spent most of the day studying price movement in EuroFX 6E futures along with working on my quarter income taxes. Yeah, I do my taxes every quarter instead of annual via worrying about taxes in April of each year. If chat rooms are not your taste for real-time documenting of your trading & analysis...you should then start a private trade journal that contains your broker statements or quantitative statistical analysis because trade journals are the best way for self improvement in your trade performance @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=117

Price Action Trade Performance for Today: Emini RTY ($RTY_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $0.00 dollars

Russell 2000 Emini RTY Futures: 1 tick or 0.10 = $5.00 dollars and there's more contract information @ CMEGroup (formerly as TF @ The ICE)
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Today's Trade Log & Price Action Analysis is archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=179&t=2808

All of my trades are posted real-time at the above link for today's archive chat log in the timestamp ##TheStrategyLab free chat room via the user name wrbtrader for anyone to do a real-time review (you must be a member of the chat room for a real-time review). Although the trades and price action analysis are posted by me and other users of WRB Analysis in real-time...review of TheStrategyLab is that this is not a signal calling chat room nor is this a live trading room that has a head trader telling you what to do. I'm the moderator (I keep the peace between members) and my own live trades are posted within 3.2 seconds on average after the trade confirmation in my broker trade execution platform via an auto script to minimize delays in posting of my trades. You can review today's price action trade journal about my trades (e.g. time, price entry, contract size, price exit, market analysis) as the trade traversed to its completion. In addition, sometimes I'll post real-time trading tips in the free ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility...all key concepts from the WRB Analysis free study guide even though the free chat room is not design to be an education chat room because the education is only performed at the forums in the private threads.

Image ##TheStrategyLab Chat Room is free. The free chat room is not a signal calling trading room nor is it a live trading room with a head trader even though members of the chat room are posting their trades & market analysis in real-time. I do not mentor (never have) although I get many requests to do mentoring. There is education but only in members private threads at the forum involving members asking questions (help) about their own trading. Thus, the primary purpose of TheStrategyLab free chat room is for you to use as your trade journal so that you can use as valuable feedback about your own trading and for members to help each other...as in more eyes on the market. In addition, we highly recommend that you use the free chat room with a professional trade journal software like tradebench.com, edgewonk.com, tradervue.com, tradingdiarypro.com, stocktickr.com, journalsqrd.com, tradingdiary.pro, mxprofit.com or trademetria.com because they can provide you with the quantitative statistical analysis of your trading. You can then download your results and post them in your private thread at the forum.

Also, you can use TheStrategyLab free chat room to ask real-time WRB Analysis questions. Yet, please do not post your quantitative statistical analysis, brokerage statements in the free chat room. Instead, its highly recommended that you only post that particular information in your private thread for security reasons. Yet, if you want to post that type of information at another website, blog or chat room...that's your choice.

TheStrategyLab free chat room is on IRC via users request because the IRC servers are located in many different countries, software in many different languages, many different mobile apps, many different types of social media software can be used to log in along with IRC being easier to moderate via script codes when trouble makers, spammers and trolls show up. I'm the moderator of the free chat room via the user name wrbtrader. Thus, I keep the peace between members without hesitation in removing problematic traders so that members can peacefully post their market observations, trades, WRB Analysis commentary about the markets without being trolled or harassed.

TheStrategyLab free chat room is not for traders looking for someone to hold their hands and tell them when to buy or sell nor do we allow the free chat room to be used for mentoring because we do not offer a mentoring service. The purpose of TheStrategyLab is for you to post your real-time analysis or trades so that you can review as feedback for any trading day to provide valuable information about the results in your broker statements. If you join the free chat room and then you decide to not post any WRB Analysis about the price action or you decide to not post your trades or you decide to be silent (lurk without saying a word about today's markets)...you're not using the free chat room properly to help improve your trading.

In fact, we do not want silent (lurkers) traders to join the free chat room unless they are actively posting at the forum about their trading after the markets close. Access instructions for the free chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Quote:
All of my real-time posted trades involves price action concepts from WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Yet, I'm always backtesting new concepts of WRB Analysis, new trade entry rules, new trade management rules, new position size management rules before application in real money trades (small position size trades) to adapt to changed market conditions prior to large position size trades or sharing the new concepts with fee-base clients...living up to the name of my website. TheStrategyLab.

Also, posted below for you to review are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Image Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Analysis -----> Trade Signals

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Image Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=350&t=3706 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

-----------------------------

Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini RTY futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives for easy review to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker PnL statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

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click on the above image to view today's price action of key markets discussed by members of TheStrategyLab

The Market at 04:30PM ET
Dow: -11.15… | Nasdaq: +1.12… | S&P: +2.97…
NASDAQ Vol: 2.04 bln… Adv: 1440… Dec: 1370…
NYSE Vol: 728.7 mln… Adv: 1701… Dec: 1239…

Moving the Market

Amazon (AMZN) rallies after reporting blowout first quarter

Investors wonder if earnings have peaked after Microsoft (MSFT) and Intel (INTC) struggle to advance despite reporting solid Q1 results

Energy shares lag after Exxon Mobil (XOM) misses bottom-line estimates for Q1

Treasury yields slip for second day in a row

Sector Watch
Strong: Consumer Discretionary, Health Care, Consumer Staples, Utilities, Telecom Services, Real Estate
Weak: Industrials, Energy, Materials, Technology

04:30PM ET

[BRIEFING.COM] The major averages ended Friday little changed despite strong earnings reports from Amazon (AMZN 1572.62, +54.66), Microsoft (MSFT 95.82, +1.56), and Intel (INTC 52.73, -0.32) -- three high-profile names that helped pace last year's rally. The S&P 500 finished a tick higher (+0.1%), the Nasdaq settled flat, and the Dow closed a tick lower (-0.1%).

Amazon shares soared at the opening bell, adding nearly 8.0%, after the internet retail giant reported blowout first quarter results -- easily beating both top and bottom line estimates -- and raised its profit guidance for the second quarter. However, the bullish sentiment soon dampened; AMZN shares quickly slashed their gains in half, eventually closing higher by 3.6%.

Microsoft and Intel shares went through a similar experience after both companies reported better-than-expected quarterly results; Microsoft trimmed its opening gain of 4.0% to 1.7% by the closing bell, while Intel gave back all of its opening gain of 5.0% and then some, finishing lower by 0.6%.

The dialed back buying of these once invincible-looking stocks helped strengthen the narrative that earnings are at, or near, a peak for this growth cycle.

In other earnings news, energy heavyweight Chevron (CVX 126.62, +2.40) beat earnings estimates for the first quarter, but its peer Exxon Mobil (XOM 77.79, -3.07) missed the mark; Chevron shares ended higher by 1.9%, while Exxon shares settled lower by 3.8%. Meanwhile, shares of Starbucks (SBUX 58.36, -1.02) lost 1.7% after the coffee giant's earnings came in as expected.

Seven S&P 500 sectors finished Friday in positive territory, while four groups finished in the red. Energy (-1.2%) was by far the weakest group, suffering from Exxon's disappointing earnings, while telecom services (+1.8%) led to the upside following a Reuters report that a merger deal between Sprint (S 6.50, +0.50) and T-Mobile (TMUS 64.52, +0.42) could be struck in the next three days.

U.S. Treasuries rallied for the second day in a row on Friday, sending the benchmark 10-yr yield three basis points lower to 2.96%.

In geopolitics, the leaders of North and South Korea held historic talks on Friday, agreeing to sign a pact that seeks permanent and solid peace and stating an aim to work towards a complete denuclearization of the Korean Peninsula. Separately, German Chancellor Angela Merkel met with U.S. President Donald Trump at the White House to discuss the Iran nuclear deal, trade, and other issues.

The Bank of Japan kept interest rates unchanged, as expected, but removed from its policy statement a reference to reaching its 2.0% inflation target in fiscal year 2019/2020.

Reviewing Friday's economic data, which most notably included the preliminary reading of first quarter GDP; investors also received the first quarter Employment Cost Index and the final reading of the University of Michigan Consumer Sentiment Index for April:

First quarter GDP increased at an annualized rate of 2.3%. That was above the Briefing.com consensus estimate of 2.1%, yet it was a deceleration from the fourth quarter growth rate of 2.9%.
The key takeaway from the report is that consumer spending was weak in the first quarter, increasing just 1.1% after increasing 4.0% in the fourth quarter. Real final sales, which exclude the change in inventories and are often viewed as the better gauge of growth, were up only 1.9% versus the prior ten quarter average of 2.2%.
The first quarter Employment Cost Index rose 0.8%, while the Briefing.com consensus expected an increase of 0.7%.
The key takeaway from the report is that wages and salaries, and benefits, are trending higher. That will support the burgeoning inflation narrative and it will keep the Federal Reserve inclined to stay on its rate-hike path.
The final reading of the University of Michigan Consumer Sentiment Index for April rose to 98.8 (Briefing.com consensus 98.0) from 97.8 in the preliminary reading.
The key takeaway from the report is that the monthly drop was due to worries about trade policies and expectations for rising interest rates.

On Monday, investors will receive Personal Income (Briefing.com consensus +0.4%), Personal Spending (Briefing.com consensus +0.4%), and PCE Prices (Briefing.com consensus 0.0%) for March, the Chicago PMI for April (Briefing.com consensus 58.0), and March Pending Home Sales (Briefing.com consensus +1.5%).

Nasdaq Composite: +3.1% YTD
Russell 2000: +1.4% YTD
S&P 500: -0.1% YTD
Dow Jones Industrial Average: -1.7% YTD

Week In Review: Little Changed Following Busy Week

The S&P 500 was up and down this week, but ended little changed, closing a tick below its flat line. The Nasdaq Composite and the Dow Jones Industrial Average, meanwhile, finished the week with losses of 0.4% and 0.6%, respectively, and the small-cap Russell 2000 lost 0.5%. Earnings were the focal point, but rising Treasury yields, policy decisions from the European Central Bank and the Bank of Japan, and a historic meeting between the leaders of North and South Korea also received some attention.

This week was the busiest week of the first quarter earnings season, with more than a third of S&P 500 companies reporting their results -- which largely came in better than expected. However, the market's reaction didn't always correlate with the upbeat headlines.

For instance, in the industrial sector, 3M (MMM), Caterpillar (CAT), Lockheed Martin (LMT), and United Tech (UTX) all dropped on Tuesday after reporting their first quarter results, which, headline-wise, came in above-consensus. Caterpillar initially shot higher, but reversed sharply, taking the broader market with it, after saying in its post-earnings conference call that margins in the first quarter will be the "high water mark" for the year. The industrial sector finished the week at the bottom of the sector standings, losing 3.2%.

Conversely, the consumer discretionary sector finished with a solid gain of 1.1%, boosted by a blowout quarter from Amazon (AMZN) -- which easily topped both earnings and revenue estimates for the first quarter. Chipotle Mexican Grill (CMG) also rallied on its better-than-expected results, surging nearly 25% on Thursday to close at its highest level in nearly a year.

A number of technology heavyweights reported their first quarter earnings this week, including Alphabet (GOOG), Facebook (FB), Microsoft (MSFT), and Intel (INTC). Facebook soared after handily beating consensus estimates, Microsoft climbed after also beating on the top and bottom lines, Intel slid despite an upbeat report, and Alphabet tumbled after its weaker-than-expected operating margins overshadowed its much better-than-expected earnings and revenues. The top-weighted technology sector finished the week lower by 0.6%.

Outside of earnings, investors kept a close eye on Treasury yields, which touched new multi-year highs on Wednesday before slipping in the final two sessions. The benchmark 10-yr yield crossed the psychologically important 3.0% mark for the first time in over four years, going as high as 3.03%, before settling the week at 2.96%.

The preliminary reading of first quarter GDP crossed the wires on Friday, showing an annualized increase of 2.3% -- which was better than the Briefing.com consensus of +2.1%, but a deceleration from the fourth quarter growth rate of 2.9%. The key takeaway from the report is that consumer spending was weak in the first quarter, increasing just 1.1% after increasing 4.0% in the fourth quarter. Real final sales, which exclude the change in inventories and are often viewed as the better gauge of growth, were up only 1.9% versus the prior ten quarter average of 2.2%.

Across the pond, the European Central Bank released its latest policy directive on Thursday morning, which, as expected, left interest rates unchanged and confirmed that net asset purchases will remain at the current monthly pace of EUR30 billion until the end of September 2018, or beyond, if necessary.

In Asia, the Bank of Japan also left interest rates unchanged, as expected, but removed from its policy statement a reference to reaching its 2.0% inflation target in fiscal year 2019/2020. However, the biggest story of the week in Asia came from the Korean Peninsula, where the leaders of North and South Korea came together for a historic summit. The two leaders signed a pact that seeks permanent and solid peace and stated an aim to work towards a complete denuclearization of the Korean Peninsula.
Dow: -11.15… | Nasdaq: +1.12… | S&P: +2.97…
NASDAQ Adv/Dec 1440/1370. …NYSE Adv/Dec 1701/1239.

03:30PM ET
[BRIEFING.COM]

Commodities finishing the day flat
The Bloomberg Commodity Index is closing out the day -0.02% at 89.386
Among energy...
June WTI crude oil futures settled $0.14 lower at $68.04/barrel
May natural gas futures settled $0.07 lower at $2.77/MMBtu
Looking at metals...
June gold futures rose $5.30 to $1323.30/oz, while May silver futures rose $0.06 to $16.41/oz
May copper futures settled $0.06 lower at $3.05/lb

Dow: -20.62… | Nasdaq: -3.01… | S&P: +2.21…
NASDAQ Adv/Dec 1371/1426. …NYSE Adv/Dec 1653/1278.

02:55PM ET

[BRIEFING.COM] The major averages are flat moving into the final hour of trading.

Seven sectors are in the green, including financials (+0.1%), consumer discretionary (+0.7%), health care (+0.4%), consumer staples (+0.7%), utilities (+0.7%), telecoms (+2.1%), and real estate (+1.4%), while four groups are in the red -- industrials (-0.2%), energy (-1.2%), materials (-0.1%), and technology (-0.2%).

In Canada, all trading on the Toronto Stock Exchange is down due to technical difficulties.
Dow: -6.27… | Nasdaq: +0.88… | S&P: +3.07…
NASDAQ Adv/Dec 1157/1221. …NYSE Adv/Dec 1658/1246.

02:25PM ET

[BRIEFING.COM] Trading in the broader market is little changed since our last update.

Following a quarter where earnings met expectations and sales were modestly above what the Street was forecasting, shares of coffee beverage company Starbucks (SBUX 57.82, -1.55, -2.6%) continue to slip off opening levels. Investors were keenly listening to management's comments on the conference call for any color on the impact from the recent incident in Philadelphia. Quelling investors concern, management stated though it was early, the company has not seen any ramifications to comparable store sales. Also drawing investor ire, Starbucks reaffirmed FY18 earnings expectations (though with the caveat that said guidance excluded the impact of the store closures related to racial bias education for employees). Comps are still expected to be between 3-5% (but likely near the lower end) for the full year, and management eluded to a better comp performance in both Q3 and Q4.

All told, the past four months of trading haven't amounted to much as the stock holds a meager gain of 0.2% YTD. Fellow consumer discretionary names Amazon (AMZN 1,583.25, +65.29, +4.3%), Home Depot (HD 186.40, +0.68, +0.4%), Comcast (CMCSA 32.12, -1.21, -3.6%), Disney (DIS 99.48, -0.36, -0.4%), and McDonald's (MCD 158.84, -0.06, -0.0%) trade split against a backdrop of a 0.7% advance in the Consumer Discretionary SPDR (XLY 104.35, +0.71).

Elsewhere, on Capitol Hill a joint press conference between U.S. President Donald Trump and German Chancellor Angela Merkel is underway.
Dow: -6.77… | Nasdaq: +2.30… | S&P: +1.85…
NASDAQ Adv/Dec 1137/1257. …NYSE Adv/Dec 1667/1226.

02:00PM ET

[BRIEFING.COM] The major averages continue to hover near unchanged levels in recent action.

Trading in gold futures settled up 0.4% at $1,323/40/oz, but ultimately finished the week with losses worse than 1%. This week's move in treasury yields drew investors away from the yellow metal as the benchmark government-backed 10-yr bond rose above 3.0% on Tuesday for the first time since early 2014.

In currencies, the buck is split against the European currencies, little changed against the euro (1.2106) and 1.0% lower against the pound (1.3776). The U.S. Dollar Index sits 0.1% higher at 91.70 in recent trade.
Dow: -12.08… | Nasdaq: -2.86… | S&P: +3.58…
NASDAQ Adv/Dec 1136/1259. …NYSE Adv/Dec 1648/1225.

01:25PM ET

[BRIEFING.COM] The major U.S. indices continue to gradually recover from this morning's lows, with stocks inching higher since our latest update.

A look inside the Dow Jones Industrial Average shows that Verizon (VZ 51.32, +1.56), Nike (NKE 69.95, +1.90), & Chevron (CVX 126.52, +2.30) are outperforming. Verizon is leading the Dow as telecoms rally in the wake of several media reports that Sprint (S 6.48, +0.48) & T-Mobile (TMUS 64.11, +0.01) could finally be nearing a merger agreement. Meanwhile, Nike was upgraded to Buy from Hold by analysts at HSBC Securities, and Chevron is advancing after Q1 earnings surpassed analyst expectations.

Conversely, Exxon Mobil (XOM 77.97, -2.89) is the worst-performing Dow component after reporting a Q1 EPS miss earlier this morning despite revenues blowing past estimates.

For the week, the DJIA is -0.54%.
Dow: +28.26… | Nasdaq: +12.70… | S&P: +7.23…
NASDAQ Adv/Dec 1171/1258. …NYSE Adv/Dec 1678/1183.

01:00PM ET

[BRIEFING.COM] The stock market is a tick higher this afternoon, as investors contently cruise towards the weekend. The S&P 500 is up 0.3%, while the Dow and the Nasdaq are up 0.1% apiece.

It looked as if blowout first quarter earnings from Amazon (AMZN 1581.66, +63.70), and similarly solid results from Microsoft (MSFT 95.01, +0.71) and Intel (INTC 52.32, -0.72), would fuel a late-week rally today, potentially being the catalyst to take the S&P 500 above its 50-day moving average (2689); however, it hasn't played out that way as the early bullish sentiment soon faded.

Amazon shares have cut their earlier gains in half, now up 4.3%, shares of Microsoft are up just 0.8% after being up around 4.0% earlier, and shares of Intel are down 1.3% after being up as much as 5.2%. The dialed back buying of these once invincible-looking stocks has helped promote the narrative that earnings are at, or near, a peak for this growth cycle.

Meanwhile, shares of Starbucks (SBUX 58.17, -1.20) have struggled today, losing 2.0%, after the coffee giant reported in-line earnings this morning, and shares of energy giant Exxon Mobil (XOM 78.17, -2.68) are down 3.3% after the company missed bottom-line estimates. The energy sector is down 0.8%, hovering at the bottom of the sector standings, following Exxon's report, but better-than-expected results from Chevron (CVX 126.60, +2.38) have helped keep the group's loss in check; CVX shares are up 1.9%.

The lightly-weighted telecom services sector (+2.1%) is the top-performing space following a Reuters report that a merger deal between Sprint (S 6.47, +0.47) and T-Mobile (TMUS 64.40, +0.30) could be struck in the next three days -- although sources added that there's always the possibility that a deal could fall apart, once again, at the last minute. S and TMUS shares are up 7.8% and 0.4%, respectively.

The preliminary reading of first quarter GDP crossed the wires this morning, showing an annualized increase of 2.3% -- which was better than the Briefing.com consensus of +2.1%, but a deceleration from the fourth quarter growth rate of 2.9%. The key takeaway from the report is that consumer spending was weak in the first quarter, increasing just 1.1% after increasing 4.0% in the fourth quarter. Real final sales, which exclude the change in inventories and are often viewed as the better gauge of growth, were up only 1.9% versus the prior ten quarter average of 2.2%.

In addition to the preliminary reading of first quarter GDP, investors received the first quarter Employment Cost Index and the final reading of the University of Michigan Consumer Sentiment Index for April:

The first quarter Employment Cost Index rose 0.8%, while the Briefing.com consensus expected an increase of 0.7%.
The key takeaway from the report is that wages and salaries, and benefits, are trending higher. That will support the burgeoning inflation narrative and it will keep the Federal Reserve inclined to stay on its rate-hike path.
The final reading of the University of Michigan Consumer Sentiment Index for April rose to 98.8 (Briefing.com consensus 98.0) from 97.8 in the preliminary reading.
The key takeaway from the report is that the monthly drop was due to worries about trade policies and expectations for rising interest rates.

Dow: +13.34… | Nasdaq: +8.50… | S&P: +6.90…
NASDAQ Adv/Dec 1187/1276. …NYSE Adv/Dec 1662/1199.

12:25PM ET

[BRIEFING.COM] Equity indices haven't shifted much since the last update; the S&P 500 enters the afternoon with a gain of 0.1%.

U.S. Treasuries have continued ticking higher, extending their overnight gains and pushing the benchmark 10-yr yield farther below the psychologically important 3.0% mark; the 10-yr yield is currently trading three basis points below its Thursday close at 2.96%. Meanwhile, the 2-yr yield is down one basis point at 2.48%.

In Europe, the major stock indices finished Friday in the green, adding between 0.5% and 1.1%. The Euro Stoxx 50 notched its fifth consecutive weekly advance, adding 0.7% over the last five sessions.
Dow: -23.02… | Nasdaq: -1.36… | S&P: +1.88…
NASDAQ Adv/Dec 1087/1443. …NYSE Adv/Dec 1492/1331.

11:55AM ET

[BRIEFING.COM] The major averages are still drifting near their unchanged marks -- although the Dow (-0.3%) is showing a little weakness.

Apple (AAPL 161.74, -2.47) is struggling today, with its shares down 1.6%, extending their weekly loss to 2.4%. The tech giant -- which is the largest name in the S&P 500 by market cap -- slipped below its 200 day moving average on Monday and still has yet to reclaim the key technical level. The technology sector is down 0.4%.

Meanwhile, in the currency market, the dollar is up 1.0% against the British pound at 1.3786 following a disappointing Q1 GDP reading from the United Kingdom (+0.1% actual vs +0.3% consensus). Conversely, first quarter GDP in the U.S. beat expectations this morning (+2.3% actual vs +2.1% Briefing.com consensus).
Dow: -67.89… | Nasdaq: -12.30… | S&P: -1.40…
NASDAQ Adv/Dec 1067/1480. …NYSE Adv/Dec 1434/1390.

11:25AM ET

[BRIEFING.COM] The S&P 500 has ticked back up to its flat line in recent trading, reclaiming a modest loss.

Energy is the worst-performing S&P 500 sector today, down 1.2%, after Exxon Mobil (XOM 78.08, -2.78) missed bottom-line estimates for the first quarter; Exxon shares are down 3.4%. Conversely, shares of Chevron (CVX 125.88, +1.66%) are up 1.4% after the energy giant reported better-than-expected Q1 profits.

The price of crude oil is flat today, with WTI crude futures hovering a tick lower at $68.11/bbl. Baker Hughes will release its weekly oil rig count report at 1:00 PM ET.
Dow: -35.63… | Nasdaq: +6.14… | S&P: +1.75…
NASDAQ Adv/Dec 1206/1358. …NYSE Adv/Dec 1433/1366.

11:00AM ET

[BRIEFING.COM] The stock market hasn't been able to keep its opening gain this morning -- disappointing the bulls who were hoping that blowout results from Amazon (AMZN 1575.94, +60.03), Microsoft (MSFT 94.15, -0.17), and Intel (INTC 52.96, -0.09) would take the major averages into positive territory for the week.

The tech-heavy Nasdaq is currently down 0.4% after opening with a gain of around 0.6%, and the S&P 500 and the Dow Jones Industrial Average are down 0.2% and 0.4%, respectively, after opening flat to slightly higher. For the week, the three major indices are now down between 0.3% and 1.0% apiece.

Growth-oriented sectors like energy (-1.4%), industrials (-0.7%), materials (-0.8%), and technology (-0.7%) are the worst-performing groups, while defensive-oriented sectors like health care (+0.1%), consumer staples (+0.8%), utilities (+1.1%), and telecom services (+1.8%) are the strongest.
Dow: -94.15… | Nasdaq: -20.44… | S&P: -4.35…
NASDAQ Adv/Dec 1002/1595. …NYSE Adv/Dec 1292/1483.

10:30AM ET
[BRIEFING.COM]

Commodities are beginning the day lower
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently -0.2% at 89.23
Dollar index is currently +0.2% at 91.55
Looking at energy...
June WTI crude oil futures are now +$0.03 at $68.22/barrel
In other energy, May natural gas is -$0.06 at $2.78/MMBtu
Moving on to metals...
June gold is currently +$5.40 at $1323.30/oz, while May silver is -$0.05 at $16.44/oz
May copper is now -$0.08 at $3.04/lb

Dow: -90.89… | Nasdaq: -9.75… | S&P: -2.87…
NASDAQ Adv/Dec 1289/1242. …NYSE Adv/Dec 1435/1297.

10:00AM ET

[BRIEFING.COM] The S&P 500 has slipped to its flat line after opening with a gain of around 0.2%.

Just in, the final reading of the University of Michigan Consumer Sentiment Index for April rose to 98.8 (Briefing.com consensus 98.0) from 97.8 in the preliminary reading.
Dow: -15.95… | Nasdaq: +21.06… | S&P: +2.63…
NASDAQ Adv/Dec 1453/1206. …NYSE Adv/Dec 1509/1153.

09:45AM ET

[BRIEFING.COM] The tech-heavy Nasdaq Composite is up 0.6% as Amazon (AMZN 1613.21, +94.44, +6.2%), Microsoft (MSFT 96.14, +1.89, +2.0%), and Intel (INTC 54.57, +1.52, +2.8%) rally in reaction to their upbeat first quarter results. Meanwhile, the S&P 500 is modestly higher (+0.2%), and the Dow Jones Industrial Average is a tick lower (-0.1%).

More than half of the S&P 500 sectors are in the red this morning, with energy (-1.5%) leading the retreat following the release of Exxon Mobil's (XOM 77.54, -3.32, -4.1%) first quarter report -- which showed below-consensus earnings. On the upside, the consumer discretionary sector (+1.0%), which houses Amazon, is among the best-performing groups.

As a reminder, the final reading of the University of Michigan Consumer Sentiment Index for April (Briefing.com consensus 98.0) will cross the wires at 10:00 AM ET.
Dow: -6.42… | Nasdaq: +43.90… | S&P: +5.69…
NASDAQ Adv/Dec 1409/1221. …NYSE Adv/Dec 1462/1137.

09:10AM ET
[BRIEFING.COM] S&P futures vs fair value: +9.30. Nasdaq futures vs fair value: +117.30.

The stock market is on track for a higher open, as the S&P 500 futures are trading nine points, or 0.4%, above fair value. The tech-heavy Nasdaq 100 futures show particular strength, up 2.1%, following solid earnings from Amazon (AMZN 1659.00, +141.04), Microsoft (MSFT 97.69, +3.43), and Intel (INTC 56.75, +3.70).

Shares of Amazon are up 9.3% in pre-market trading after the internet retail giant reported a blowout first quarter -- easily topping earnings and revenue estimates -- and issued upbeat profit guidance for Q2. Likewise, shares of Microsoft and Intel are also up -- adding 3.6% and 7.0%, respectively -- after the companies beat top and bottom line estimates.

In Asia, the leaders of North and South Korea held historic talks on Friday, with Kim Jong Un becoming the first North Korean leader to set foot in South Korea since the Korean War. The talks ended with the two nations agreeing to pursue a peace agreement, but they didn't address North Korea's nuclear weapons program. Separately, the Bank of Japan kept monetary policy unchanged, but removed a reference to reaching its 2.0% inflation target by fiscal year 2019/2020.

In Europe, the pound is down 1.1% against the U.S. dollar at 1.3766 following a disappointing first quarter GDP reading from the UK (+0.1% actual vs +0.3% consensus).

Conversely, the U.S. preliminary Q1 GDP reading came in better-than-expected this morning, showing an increase of 2.3% (Briefing.com consensus +2.1%). Meanwhile, the first quarter Employment Cost Index also came in higher than expected, showing an increase of 0.8% (Briefing.com consensus +0.7%). Today's last economic report -- the final reading of the University of Michigan Consumer Sentiment Index for April (Briefing.com consensus 98.0) -- will cross the wires at 10:00 AM ET.

In the bond market, U.S. Treasuries are modestly higher, sending yields lower for the second day in a row; the benchmark 10-yr yield is down two basis points at 2.97%.

08:51AM ET
[BRIEFING.COM] S&P futures vs fair value: +8.30. Nasdaq futures vs fair value: +116.50.

The S&P 500 futures are trading eight points, or 0.3%, above fair value.

Equity indices in the Asia-Pacific region ended the week on a higher note. The headline event of the evening was the meeting between North Korea's Supreme Leader Kim Jong-un and South Korea's President Moon Jae-in. After shaking hands over the border, North Korea's leader entered South Korea for the first time since the signing of the Korean Armistice in 1953. The two leaders engaged in daylong talks, but not before South Korea's president was invited to take a few steps into North Korea. The two leaders agreed to discontinue every "hostile act" and push for trilateral talks involving the United States or a four-way discussion that would also involve China. The Bank of Japan released its latest policy statement, which omitted the previous reference to reaching the 2.0% inflation target in fiscal year 2019/2020.

In economic data:
Japan's April Tokyo CPI +0.5% year-over-year (expected 0.8%; last 1.0%) and Core CPI +0.6% year-over-year (expected 0.8%; last 0.8%). March Industrial Production +1.2% month-over-month (expected 0.5%; last 2.0%) and March Retail Sales +1.0% year-over-year (expected 1.5%; last 1.7%). March Housing Starts -8.3% year-over-year (expected -5.1%; last -2.6%)
Australia's Q1 PPI +0.5% quarter-over-quarter (expected 0.4%; last 0.6%); +1.7% year-over-year (last 1.7%)
New Zealand's March trade deficit -NZD3.42 billion (expected deficit of NZD2.90 billion; last deficit of NZD3.07 billion)
Singapore's Q1 Unemployment Rate 2.0% (last 2.1%)

---Equity Markets---

Japan's Nikkei gained 0.7%, rising 1.4% for the week. Advantest, Kyocera, JTEKT, Central Japan Railway, Kikkoman, Nippon Express, Sumitomo Realty, Dainippon Screen Manufacturing, and TOTO climbed between 2.3% and 13.6%.
Hong Kong's Hang Seng advanced 0.9%, narrowing this week's loss to 0.5%. Sunny Optical Tech, Wharf Real Estate, CNOOC, PetroChina, and China Shenhua Energy climbed between 1.7% and 3.4%. Consumer names lagged with China Mengniu Dairy falling 6.4% and Want Want China sliding 2.8%.
China's Shanghai Composite added 0.2%, gaining 0.4% for the week. Tibet Summit Resources, Jinyu Bio-Technology, BlueStar Adisseo, Shanghai International Airport, and Chongqing Department Store rallied between 5.2% and 8.9%.
India's Sensex gained 0.7%, advancing 2.3% for the week. Financials led the way with AXIS Bank surging 9.0% while SBI and ICICI Bank rose 4.0% and 3.3%, respectively.

Major European indices trade mostly higher while Italy's MIB (-0.3%) underperforms. There was a report suggesting that Lega is ready to break its alliance with Forza Italia, but the report was refuted in short order. Keep in mind that a break of the center-right alliance would bring back the possibility of a government led by Movimento 5 Stelle and Lega. EU Brexit negotiator Michel Barnier said that participants should prepare for the possibility of no transition period. Economic data from the region featured a batch of disappointing GDP readings.

In economic data:
Eurozone April Business and Consumer Survey 112.7 (expected 112.0; last 112.7)
Germany's March Import Price Index 0.0% month-over-month (expected 0.1%; last -0.6%); -0.1% year-over-year (expected 0.1%; last -0.6%). April Unemployment Rate 5.3%, as expected (last 5.3%)
UK's preliminary Q1 GDP +0.1% quarter-over-quarter (expected 0.3%; last 0.6%); +1.2% year-over-year (expected 1.4%; last 1.4%). Index of Services +0.4% (expected 0.6%; last 0.6%)
France's April CPI +0.1% month-over-month, as expected (last 1.0%); +1.6% year-over-year (last 1.6%). March Consumer Spending +0.1% month-over-month (expected 0.4%; last 2.5%). Preliminary Q1 GDP +0.3% quarter-over-quarter (expected 0.4%; last 0.7%); +0.3% year-over-year (expected 2.3%; last 0.7%)
Spain's April CPI +0.8% month-over-month (last 0.1%); +1.1% year-over-year (expected 1.2%; last 1.2%). Preliminary Q1 GDP +0.7% quarter-over-quarter, as expected (last 0.7%); +2.9% year-over-year (expected 3.0%; last 3.1%). March Retail Sales +1.9% year-over-year (expected 1.5%; last 2.0%)
Italy's March PPI +0.4% month-over-month (last 0.2%); +2.0% year-over-year (last 1.6%)

---Equity Markets---

Germany's DAX trades up 0.9% amid broad strength. BASF, SAP, Adidas, BMW, Merck, Infineon, and Volkswagen sport gains between 1.0% and 2.2%. On the downside, Deutsche Bank is down 3.2%, approaching this year's low.
UK's FTSE is higher by 0.9%. Merlin Entertainments leads with a gain of 5.3% while other consumer names like Taylor Wimpey, Burberry, Persimmon, Unilever, Imperial Brands, Diageo, Barratt Developments, and Reckitt Benckiser sport gains between 1.6% and 2.5%.
France's CAC has added 0.4%. Cap Gemini, Saint Gobain, Kering, Pernod Ricard, and Louis Vuitton are up between 1.1% and 5.3%.
Italy's MIB is down 0.3%. Exor, Fiat, UniCredit, Banco Bpm, Intesa Sanpaolo, Luxottica, and Mediobanca show losses between 0.6% and 1.7%.

08:31AM ET
[BRIEFING.COM] S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +105.00.

The S&P 500 futures are trading six points, or 0.2%, above fair value.

Just in, advance first quarter GDP pointed to an expansion of 2.3%, while the Briefing.com consensus expected a reading of 2.1%.

Separately, the first quarter Employment Cost Index rose 0.8%, while the Briefing.com consensus expected an increase of 0.7%.

08:00AM ET
[BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +98.30.

The U.S. equity market is on course for a modestly higher start to Friday's session, as the S&P 500 futures are trading six points, or 0.2%, above fair value. The S&P 500 enters today's session a tick lower for the week following a 1.0% jump on Thursday. The Nasdaq is down 0.4% week to date, while the Dow is down 0.6%.

Shares of Amazon (AMZN 1629.00, +111.04) are up 7.3% in pre-market trading after the internet retail giant reported a blowout first quarter -- easily topping earnings and revenue estimates -- and issued upbeat profit guidance for Q2. Shares of Microsoft (MSFT 97.96, +3.70) and Intel (INTC 56.07, +3.02) are also up -- adding 3.9% and 5.7%, respectively -- on better-than-expected quarterly results.

Overseas, the major stock indices in Asia finished Friday on a higher note, with Japan's Nikkei (+0.7%) and Hong Kong's Hang Seng (+0.9%) showing relative strength. The leaders of North and South Korea held historic talks on Friday, with Kim Jong Un becoming the first North Korean leader to set foot in South Korea since the Korean War. The talks ended with the two nations agreeing to pursue a peace agreement, but they didn't address North Korea's nuclear weapons program.

Separately, the Bank of Japan kept monetary policy unchanged, but removed a reference to reaching its 2.0% inflation target by fiscal year 2019/2020.

Back in the U.S., investors are set to receive the preliminary reading of first quarter GDP (Briefing.com consensus +2.1%), which will cross the wires at 8:30 AM ET. The first quarter Employment Cost Index (Briefing.com consensus +0.7%) will also be released at 8:30 AM ET, while the final reading of the University of Michigan Consumer Sentiment Index for April (Briefing.com consensus 98.0) will cross the wires at 10:00 AM ET.

U.S. Treasuries are modestly higher ahead of the data, pushing yields lower for the second day in a row. The benchmark 10-yr yield continues to retreat from the 3.0% mark, down two basis points from its Thursday close at 2.97%. Meanwhile, the 2-yr yield is down one basis point at 2.47%.

Meanwhile, the U.S. Dollar Index is up 0.3% at 91.68, with the greenback adding 1.2% against the British pound (1.3758) following a disappointing first quarter GDP reading from the UK (+0.1% actual vs +0.3% consensus). The major European bourses are mostly higher.

In U.S. corporate news:

Amazon (AMZN 1629.00, +111.04): +7.3% after handily beating earnings and revenue estimates for Q1 and issuing above-consensus profit guidance for Q2.
Microsoft (MSFT 97.96, +3.70): +3.9% after reporting better-than-expected earnings and revenues for its fiscal third quarter.
Intel (INTC 56.07, +3.02): +5.7% after beating earnings and revenue estimates for Q1 and raising its guidance for both Q2 and FY18.
Starbucks (SBUX 58.35, -1.03): -1.7% after reporting in-line earnings on better-than-expected revenues.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the week on a higher note. Japan's Nikkei +0.7%, Hong Kong's Hang Seng +0.9%, China's Shanghai Composite +0.2%, India's Sensex +0.7%.
In economic data:
Japan's April Tokyo CPI +0.5% year-over-year (expected 0.8%; last 1.0%) and Core CPI +0.6% year-over-year (expected 0.8%; last 0.8%). March Industrial Production +1.2% month-over-month (expected 0.5%; last 2.0%) and March Retail Sales +1.0% year-over-year (expected 1.5%; last 1.7%). March Housing Starts -8.3% year-over-year (expected -5.1%; last -2.6%)
Australia's Q1 PPI +0.5% quarter-over-quarter (expected 0.4%; last 0.6%); +1.7% year-over-year (last 1.7%)
New Zealand's March trade deficit -NZD3.42 billion (expected deficit of NZD2.90 billion; last deficit of NZD3.07 billion)
Singapore's Q1 Unemployment Rate 2.0% (last 2.1%)
In news:
The headline event of the evening was the meeting between North Korea's Supreme Leader Kim Jong-un and South Korea's President Moon Jae-in. After shaking hands over the border, North Korea's leader entered South Korea for the first time since the signing of the Korean Armistice in 1953. The two leaders engaged in daylong talks, but not before South Korea's president was invited to take a few steps into North Korea. The two leaders agreed to discontinue every "hostile act" and push for trilateral talks involving the United States or a four-way discussion that would also involve China.
The Bank of Japan released its latest policy statement, which omitted the previous reference to reaching the 2.0% inflation target in fiscal year 2019/2020.

Major European indices trade mostly higher while Italy's MIB (-0.7%) underperforms. Germany's DAX +0.7%, UK's FTSE +0.7%, France's CAC +0.2%.
In economic data:
Eurozone April Business and Consumer Survey 112.7 (expected 112.0; last 112.7)
Germany's March Import Price Index 0.0% month-over-month (expected 0.1%; last -0.6%); -0.1% year-over-year (expected 0.1%; last -0.6%). April Unemployment Rate 5.3%, as expected (last 5.3%)
UK's preliminary Q1 GDP +0.1% quarter-over-quarter (expected 0.3%; last 0.6%); +1.2% year-over-year (expected 1.4%; last 1.4%). Index of Services +0.4% (expected 0.6%; last 0.6%)
France's April CPI +0.1% month-over-month, as expected (last 1.0%); +1.6% year-over-year (last 1.6%). March Consumer Spending +0.1% month-over-month (expected 0.4%; last 2.5%). Preliminary Q1 GDP +0.3% quarter-over-quarter (expected 0.4%; last 0.7%); +0.3% year-over-year (expected 2.3%; last 0.7%)
Spain's April CPI +0.8% month-over-month (last 0.1%); +1.1% year-over-year (expected 1.2%; last 1.2%). Preliminary Q1 GDP +0.7% quarter-over-quarter, as expected (last 0.7%); +2.9% year-over-year (expected 3.0%; last 3.1%). March Retail Sales +1.9% year-over-year (expected 1.5%; last 2.0%)
Italy's March PPI +0.4% month-over-month (last 0.2%); +2.0% year-over-year (last 1.6%)
In news:
There was a report suggesting that Lega is ready to break its alliance with Forza Italia, but the report was refuted in short order. Keep in mind that a break of the center-right alliance would bring back the possibility of a government led by Movimento 5 Stelle and Lega.
EU Brexit negotiator Michel Barnier said that participants should prepare for the possibility of no transition period.
Economic data from the region featured a batch of disappointing GDP readings.

07:32AM ET
[BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +94.80.

06:56AM ET
[BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +95.00.

06:56AM ET
[BRIEFING.COM] Nikkei...22468...+148.30...+0.70%. Hang Seng...30281...+273.00...+0.90%.

06:56AM ET
[BRIEFING.COM] FTSE...7467.51...+46.10...+0.60%. DAX...12594.56...+94.10...+0.80%.

04:20PM ET

[BRIEFING.COM] Stocks rallied on Thursday, recouping just about all of their weekly losses, as investors cheered the latest batch of first quarter earnings. The S&P 500 and the Dow Jones Industrial Average advanced 1.0% apiece, while the tech-heavy Nasdaq Composite did even better, jumping 1.6%, as technology shares set the pace.

The most influential S&P 500 sector -- information technology -- advanced 2.3% on Thursday, finishing atop the day's sector standings by a comfortable margin. Tech giant Facebook (FB 174.16, +14.47) soared 9.1% after reporting a blowout first quarter, easily topping earnings and revenue estimates and also reporting double-digit growth in daily active users (DAUs). Visa (V 127.08, +5.87) and Advanced Micro (AMD 11.04, +1.33) contributed to the tech rally as well, adding 4.8% and 13.7%, respectively, after reporting above-consensus earnings and revenues for the first quarter and issuing upbeat guidance.

Chipotle Mexican Grill (CMG 422.50, +82.98) was perhaps the most notable post-earnings mover, surging 24.4% to its highest level in nearly a year. The burrito chain reported an impressive first quarter, handily beating earnings estimates on above-consensus growth in same-store sales. The S&P 500 sector that houses Chipotle -- consumer discretionary -- finished in second place in the sector standings with a gain of 1.6%, while most other advancing groups added between 0.6% and 1.5%.

The heavily-weighted financial sector was an exception, finishing just a tick above its flat line. The group underperformed as Treasury yields slipped from multi-year highs; the yield on the benchmark 10-yr Treasury note slipped below the psychologically important 3.0% mark, ending three basis points below its Wednesday close at 2.99%. The 2-yr yield, meanwhile, finished unchanged at 2.49%.

Telecom services was easily the worst-performing sector, tumbling 3.2%, after AT&T (T 33.10, -2.10) reported lower-than-expected earnings and revenues for the first quarter -- T shares dropped 6.0%. The industrial sector was the only other space to close in the red, losing 0.4% and extending its weekly decline to 3.0%; for comparison, the S&P 500 is down just 0.1% week to date. Within the industrial group, transports showed particular weakness, with American Airlines (AAL 42.37, -2.88) dropping 6.4% after lowering its guidance due to higher fuel prices.

Overseas, the European Central Bank released its latest policy directive on Thursday morning, which -- as expected -- left interest rates unchanged and confirmed that net asset purchases will remain at the current monthly pace of EUR30 billion until the end of September 2018, or beyond, if necessary. The euro declined 0.5% against the U.S. dollar to 1.2105 -- its lowest level since early January -- following the release and a dovish-sounding press conference from ECB President Mario Draghi.

Reviewing Thursday's economic data, which included Durable Goods Orders for March, weekly Initial Claims, Advance International Trade in Goods for March, and Advance Wholesale Inventories for March:

March durable goods orders climbed 2.6%, which is more than the 1.9% increase expected by the Briefing.com consensus. The prior month's reading was revised to +3.5% (from +3.1%). Excluding transportation, durable orders were flat (Briefing.com consensus +0.6%) to follow the prior month's revised increase of 0.9% (from +1.2%).
The key takeaway from the report was that business spending was soft, evidenced by a 0.1% decline in orders of nondefense capital goods excluding aircraft. Shipments of those goods, which factor into GDP forecasts, were down 0.7% after increasing 1.0% in February.
The latest weekly initial jobless claims count totaled 209,000, while the Briefing.com consensus expected a reading of 225,000. Today's tally was below the revised prior week count of 233,000 (from 232,000). As for continuing claims, they declined to 1.837 million from a revised count of 1.866 million (from 1.863 million).
The key takeaway from the initial claims report is that it will feed concerns about a tightening in labor supply and a potential pickup in wage-based inflation pressure as a result of it.
The Advance report for International Trade in Goods for March showed a deficit of $68.0 billion.
The Advance report for Wholesale Inventories for March showed an increase of 0.5%.

On Friday, investors will receive the advance estimate of first quarter GDP (Briefing.com consensus +2.1%) at 8:30 AM ET. The first quarter Employment Cost Index (Briefing.com consensus +0.7%) will also be released at 8:30 AM ET, while the Chicago PMI for April (Briefing.com consensus 56.3) and the final reading of the University of Michigan Consumer Sentiment Index for April (Briefing.com consensus 98.0) will cross the wires at 9:45 AM ET and 10:00 AM ET, respectively.

Nasdaq Composite: +3.1% YTD
Russell 2000: +1.5% YTD
S&P 500: -0.3% YTD
Dow Jones Industrial Average: -1.6% YTD

Dow: +238.51… | Nasdaq: +114.94… | S&P: +27.54…
NASDAQ Adv/Dec 1723/1080. …NYSE Adv/Dec 1974/968.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. Also, thank you for the review of TheStrategyLab performance record...hopefully the links and data will be useful for you. gm

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Best Regards,
M.A. Perry
Online user name wrbtrader (more info about me) @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=127&t=850 & http://www.thestrategylab.com/wrbtrader.htm
TheStrategyLab Price Action Trading (no indicators)
Trader and Founder of WRB Analysis (wide range body/bar analysis)
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