Rover’s Weekly Market Brief – 05/17/2024

New Feature – Compare Screener Runs

We have added a new feature to Stock Rover that allows you to compare screener runs. The feature makes it easy for you to see how the tickers passing a screener are changing over time. Read more about this cool new feature in our latest blog post ^[1].

Economy

The Labor Department reported ^[2] that the producer price index for final demand, which measures the prices that producers pay for goods and services, increased by a seasonally adjusted (+0.5%) in April, following a downwardly revised (+0.1%) in March. The index for final demand services rose (+0.6%), the largest increase since July ’23, contributed to 70% of the gain in the headline number. The index for final demand goods rose (+0.4%) after dropping (-0.2%) in March. Much of the increase in final demand goods was driven by a (+5.4%) jump in gasoline prices. The final demand index for food decreased (-0.7%). Excluding food and energy, the so-called core PPI increased (+0.5%) for the month. Excluding food, energy and trade services, PPI rose (+0.4%). Year over year the PPI moved up (+2.2%), the largest increase since April ’23. Core PPI inflation moved up (+2.4%), the biggest annual move since August ‘23.

The Labor Department reported ^[3] the consumer price index increased (+0.3%) in April this follows a seasonally adjust readings of (+0.4%) in March. The all items index has increased (+3.4%) over the last 12 months, a slowing from (+3.5%) the previous month. Over seventy percent of the increase in the CPI is attributable to a (+0.4%) increase in the shelter index and a (+2.8%) jump in the gasoline index. Offsetting the increases were decreases in the indexes for food at home (-0.2%) and used cars (-1.4%). Core CPI inflation which excludes food and energy increased (+0.3%) in April, after rising (+0.4%) in March. The annual rate of core CPI inflation increased (+3.6%) as compared to (+3.8%) the previous month. Other indexes with significant increases over the last year include motor vehicle insurance (+22.6%), medical care (+2.6%), personal care (+3.7%), and recreation (+1.5%).

The Commerce Department reported ^[4] advance U.S. retail and food services sales were virtually unchanged at $705.2B in April, this follows a revised reading of (+0.6%) instead of (+0.7%) for March. Retail sales were up (+3.0%) year over year. Total sales for February 2024 through April 2024 were up (+3.0%) year over year. Retail sales are mostly goods and are not adjusted for inflation. Excluding sales at auto dealerships and gas stations, sales edged down (-0.1%). Gasoline led the way in sales increases (+3.0%), while internet retail (-1.2%) led in sales declines. Restaurants, the only services category increased (+0.2%). Core retail sales, a measurement that excludes spending on autos, gasoline, building materials, and food services fell (-0.3%) in May and follows a revised (+1.0%) reading the previous month.

Upcoming Economic Reports:

Wednesday May 22- New Home Sales (April)

Friday May 24 – Durable Goods Orders (MoM) (April)

Earnings Calendar:

 

Monday	Tuesday	Wednesday	Thursday	Friday
Palo Alto Networks (PANW)	AutoZone (AZO)	NVIDIA (NVDA)	Intuit (INTU)	Booze Allen Hamilton (BAH)
Keysight Techs (KEYS)	Toll Brothers (TOL)	TJX Companies (TJX)	Dollar Tree (DLTR)	Hibbett (HIBB)