On the SPOT™ blog (05/16/2023) [F..]
This morning (PST) all three major US indices are in the red perhaps because of the economic news and Home Depot results. April retails sales rose less than expected. There are jitters about debt ceiling negotiations (even though I think it is generally reasonable to expect that US will not default on its payment) as I think President Biden is expected to meet with Congressional leaders over this today. The signals were mixed on this over the weekend so remains to be seen how much progress will be made today to meet the June 1st "deadline". Home Depot quarterly results showed a substantial revenue miss and their guidance was also lower than estimates. In an economy with high inflation and recession fears, it is generally expected that consumers would be conservative with their spending on big ticket items but the magnitude of miss is perhaps creating some -ve sentiment.
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