Here are five things you must know for Monday, May 17:
1. — Stock Futures Fall After Wall Street’s Rough Week
Stock futures traded lower Monday as Wall Street came off a rough week driven by concerns over what effect rising inflation would have on the U.S. recovery.
Contracts linked to the Dow Jones Industrial Average fell 143 points, S&P 500 futures were down 15 points and Nasdaq futures declined 55 points.
Stocks closed higher Friday but posted losses for the week as inflation fears had Wall Street worried the Federal Reserve could boost near-zero interest rates and begin tapering asset purchases earlier that it has signaled.
The Dow fell 1.1% last week, the S&P 500 declined 1.4% and the Nasdaq dropped 2.3%.
Wall Street will be paying close attention this week to minutes from the Fed’s meeting in April for the central bank’s thoughts on price pressures and hints on when it might begin pulling back support.
Treasury yields extended declines, falling to 1.627% on Monday, following a report last week that said U.S. retail sales in April stalled as the impact of government stimulus faded and consumers pulled back spending in the waning months of the pandemic.
2. — This Week’s Calendar: FOMC Minutes and Walmart Earnings
The U.S. economic calendar Monday includes the Empire State Manufacturing Index for May at 8:30 a.m. ET and the NAHB Homebuilders Index for May at 10 a.m.
Data are expected later in the week on housing starts, jobless claims and existing home sales.
The Federal Reserve will release minutes from the April 27-28 meeting of the Federal Open Market Committee, its monetary policymaking body, on Wednesday.
Earnings reports are expected this week from Walmart (WMT) – Get Report, Home Depot (HD) – Get Report, Lowe’s (LOW) – Get Report, Cisco Systems (CSCO) – Get Report, Macy’s (M) – Get Report, Take-Two Interactive Software (TTWO) – Get Report, Baidu (BIDU) – Get Report, TJX Cos. (TJX) – Get Report, Target (TGT) – Get Report, Applied Materials (AMAT) – Get Report, Kohl’s (KSS) – Get Report, Palo Alto Networks (PANW) – Get Report, Deere (DE) – Get Report, Foot Locker (FL) – Get Report and Lordstown Motors (RIDE) – Get Report.
3. — Elon Musk Says Tesla Hasn’t Sold Any Bitcoin
Elon Musk said Tesla hasn’t sold any of its holdings in Bitcoin.
Musk’s comments early Monday came after he wrote Sunday on Twitter “Indeed,” in response to a post by another user that said, “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him …”
Musk’s ambiguous tweet on Sunday appeared to spur the declines in Bitcoin, Ethereum, Dogecoin and other cryptocurrencies.
Musk early Monday said in a later tweet that, “To clarify speculation, Tesla has not sold any Bitcoin.”
Bitcoin, the world’s largest cryptocurrency, at last check Monday…