Day Ahead: Top 3 Things to Watch for May 29

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1. Powell to Speak

Those looking for a broader look on the economy will get to hear from the head of the Fed tomorrow.

Federal Reserve Chairman Jerome Powell will participate in a webcast with force Fed Vice Chairman Alan Binder at 11:00 AM ET (15:00 GMT).

Powell said last week at a “Fed Listens” event that the biggest economic impact of the Covid-19 pandemic is being borne by those “least able to bear it”.

2. Spending and Income Data Arrive

Economic indicators continue on this holiday-shortened week with consumer spending in the spotlight.

The Commerce Department will report on personal income and spending at 8:30 AM ET (12:30 GMT).

Economists predict that personal income in April fell 6.5% and that spending plunged 12.6%, according to forecasts compiled by Investing.com.

Both would be record declines.

At 10:00 AM ET, the University of Michigan will issues its final measure of May consumer confidence.

The Michigan sentiment index is expected to tick up to 74 from the preliminary measure.

3. How Are Weed Stocks Doing During Lockdown?

Canopy Growth (NYSE:CGC) will report earnings tomorrow before the bell.

Analysts are predicting a loss of 30 cents per share for the quarter, with sales of a little more than $95 million, according to analysts forecasts compiled by Investing.com

The stock popped more than 9% today and cannabis stocks have been rallying since New York Governor Andrew Cuomo said he again he was pursuing legalization of marijuana.

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