Outlook 05/30: U.S. stock futures bounced back after economic data. GDP grew less than initially thought in first quarter. Economic growth in the first three months of the year was lower than initially estimated, but so was a key inflation indicator. On inflation, the chain-weighted price index, which accounts for adjustments in consumer behavior, rose 3% for the period, 0.1 percentage point lower than the first estimate. Economists had been looking for 3.1%. In other economic news, the Labor Department reported that initial unemployment claims totaled 219,000 for the week ended May 25, up 3,000 from the previous period but close to the forecast for 218,000.
/ESM24 (JUN 2024): YVAH 5296 YPOC 5292 YVAL 5285 GAP 5280
/ES Plan: Yesterday market closed bearish (PBT 5262), but overnight, after GDP data, looks bullish (PBT 5277), still moving below previous value/range, so these're the opening and initial balance options for today:
