May 13 – Friday afternoon’s rally seems like a long time ago now. President Trump kept tweeting over the weekend, making a trade deal with China look even less likely than it did last week.
China, which promised to retaliate last week for Trump’s increased tariffs, waited until after 8 a.m. ET to announce that it would be raising tariffs on $60 billion in American imports by between 5% and 25%. The timing was effective, as it helped push pre-market trading from red to very red.
The news calendar for the rest of this week is pretty light, save a few big-name earnings reports, so it seems like trade is going to be the driving force for stocks over the next few days.
The White House had reportedly hoped to have a China trade deal wrapped up by this week, because there is a May 18 deadline to make a decision on auto tariffs. Europe is reportedly already working on a list of U.S. goods to levy tariffs on should auto tariffs be raised, so its is possible that we’ll have more bad news before we get any sort of resolution here.
Economic Events this Week
Big surprises in retail sales of housing data could move markets this week, but probably wouldn’t be enough to change market-wide sentiment.
- 8:30 a.m. – Retail Sales
- 10:30 a.m. – EIA Crude Oil Inventories
- 8:30 a.m. – Housing Starts
- 8:30 a.m. – Building Permits
Earnings Reports this Week
We’re past the peak of earnings season, but there are still lots of big names on the calendar this week.
- Before the bell: RL, CYBR, GDS
- After the bell: A, PAGS, ACB, DOX, TLRY
- Before the bell: BABA, M, TSG, EJR, CVNT
- After the bell: CSCO, NTES, ZTO, FTCH, FLO
- Before the bell: WMT, NICE, WIX, EXP
- After the bell: NVDA, BIDU, AMAT, IQ, LTM
- Before the bell: DE, CAE
Strong Sectors past Month
No sectors are up 5% or more in the last 20 trading days:
Weak sectors past month
These sectors are down 5% or more in the last 20 trading days:
- Oil Services
- Technology and Multimedia Networking
- Metals & Mining
- Oil & Gas Exploration
- Robotics and Artificial Intelligence
- Junior Gold Miners
- Cyber Security
- Gold Minders
Strong sectors past five trading days
No sectors are up more than 3% in the last five days.
Weak sectors past five trading days
These sectors are down 3% or more in the last five trading days.
- Gold Miners
- Junior Gold Miners