Today was pretty quiet.
First the scoreboard:
Dow: 14,968, -5.3 pts, -0.0%
S&P 500: 1,617, +3.4 pts, +0.2%
NASDAQ: 3,392, +13.6 pts, +0.4%
And now the top stories:
- Today was almost painfully quiet. It certainly wasn’t like Friday when the April jobs report crushed expectations and stocks surged to all-time highs. But, perhaps there’s something to be said about the lack of a sell-off today.
- In a note to clients today, Deutsche Bank’s David Bianco warned that we may now be due for a sell-off. “Respectable 1Q EPS coupled with better job gains pushed the S&P to 1615, but the profit outlook for 2Q has weakened on softness in manufacturing, business spending and exports,” he wrote. “US manufacturing ISM and global PMIs for April were soft and capex and exports decelerated in March.”
- The new Senior Loan Officer Survey from the Federal Reserve showed that business loan lending standards were easing and demand was on the rise. “The broader easing and increased competition is some indication that the Fed’s accommodative policy is beginning to be transmitted through more willingness to lend by banks,” noted UBS’s Sam Coffin.
- Loosening credit standards is also a pretty reliable leading indicator of job growth, adds Coffin. “Credit market conditions continue to suggest a private-sector hiring pace in excess of 200k per month,” he said. “Year-to-date, private payrolls have increased 203k per month—very close to the 211k per month pace implied by our credit/employment models.”
- Don’t Miss: GOLDMAN: These Are The 40 Most Undervalued Stocks In The Market >
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.