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Morning stock market summary

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

April CPI was just released, and the headline reading came in at 0.3% which was lower than consensus forecasts for an increase of 0.4%. Core CPI was right in line with forecasts as were both the year/year readings for headline and core. That’s the good news.  The less good news was that both Empire Manufacturing and Retail Sales came in weaker than expected. Equity futures have rallied sharply in reaction to the news and treasury yields are lower.

On the same day that CPI came in lighter than expected, copper prices, which we will discuss in a report later, are just the latest commodity to rally to an all-time high after prices have gone parabolic in the last few weeks.

With respect to the market, the S&P 500 is firmly back at overbought levels and at 1.3 standard deviations above its 50-DMA, it hasn’t been this overbought since April Fools’ Day. Is that a good or a bad sign?

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