It's the last day of May and the last chance to "sell in May, and go away" as that old Wall Street chestnut advises. Of course, your broker may then call to tell you to "buy in June, it's not too soon."
The first day after the long Memorial Day weekend may feel languid, but there is a lot of business news on deck this week. The biggest is the employment report set for Friday morning. Hope springs eternal for another month of 200,000-plus job growth in May, but there have been a variety of events this year that lead forecasters to be cautious. This time it's the Midwestern flooding and deadly tornadoes.
Also, automakers will release their May sales this week. Will they show weakness related to the parts supply-chain disruption following the March earthquake, tsunami and nuclear power crisis in Japan?
The Case-Shiller home price index will be unleashed this morning. Recent trends has been for lower prices. Remember: this index of prices in 20 cities does not include Philadelphia.
A story I missed from late last week by AP has Unicef publicizing what drug makers charge it for vaccines. This AP report says that the organization I grew up trick or treating for spent $757M to provide 2.5B doses of vaccines to 99 countries. Some drug companies, including Merck & Co., don't want those prices to be published.