5 things to know before the stock market opens Wednesday, May 18

Rivai H Tukimen

Here are the most important news, trends and analysis that investors need to start their trading day:

1. Stock futures fall as inflation claims another retailer

Traders on the floor of the NYSE, May 17, 2022.

Source: NYSE

2. Target is the one getting slammed Wednesday on a big earnings miss

Employees assist customers at the checkout area of a supermarket on May 11, 2022 in New York City.

Liao Pan | China News Service | Getty Images

3. Lowe’s is also under pressure after weaker-than-expected sales

Pallets of garden supplies sit stacked in the parking lot of a Lowe’s store in San Bruno, California.

David Paul Morris | Bloomberg | Getty Images

4. Slowing housing data out as Fed chief Powell talks tough on rates

Lumber at the site of a house under construction in the Cielo at Sand Creek by Century Communities housing development in Antioch, California, U.S., on Thursday, March 31, 2022.

David Paul Morris | Bloomberg | Getty Images

The government’s April housing starts and building permits report showed a decline in building activity. Housing starts last month came in at a seasonally adjusted annual rate of 1.72 million. That was below estimates. Building permits in April matched expectations of a 1.82 million annual rate.

  • Weekly mortgage demand from homebuyers tumbles 12%, as higher rates took their toll. It was the first weekly drop in about a month. Inflation isn’t helping consumers feel particularly flush either. Refinance applications continued their slide, down 10% for the week.

After the data, the 10-year Treasury yield rose Wednesday, right around 3%. The continued strength in the benchmark yield can be attributed to comments from Federal Reserve Chairman Jerome Powell. In a Wall Street Journal interview Tuesday, Powell said the central bank won’t hesitate to keep hiking interest rates until inflation comes down.

5. JPMorgan investors send CEO Jamie Dimon a message about pay

JP Morgan CEO Jamie Dimon speaks at the Boston College Chief Executives Club luncheon in Boston, Massachusetts, U.S., November 23, 2021.

Brian Snyder | Reuters


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