The Market On Tuesday

Good morning and welcome to May. It is 47 degrees and raining here in Upstate NY. The old saying April showers bring May flowers is coming at us in reverse as the weather logos show rain filled in for the remainder of this first week of May. Come to think of it April was rather dry, and as you know there is a bit of a drought problem. Hopefully that can be alleviated somewhat this week.

At 7:30 a.m. futures are flat, the dollar is mixed against major world currencies, and the price of oil is slightly higher per barrel. The market is set to open sputtering at this point but that could indeed change.

A report out of China indicates that country's massive manufacturing base is growing again and not slipping. One suspects this will be regarded as important news in the context of the world economy.

Besides more corporate results on the first quarter, investors will be parsing data on housing and manufacturing in the US. All of the above once again points to the present quality of the US economy and that in a nutshell is still the premier concern.

CNN: Stocks: Investors on hold

On tap for Tuesday are new readings on manufacturing, construction spending and auto sales.


A report on manufacturing in China showed the purchasing managers index rose slightly, which could help allay concerns about the economy slowing too quickly.