Americas

• Record highs for Wall Street quartet send other stocks higher (Reuters)
• Oil prices rise to highest this month on hopes of OPEC deal (Reuters)
• OPEC Likely to Reach Output Consensus, Delegate Says (WSJ)
• Trump’s Targets in First 100 Days: Trade, Regulation, Corruption (BBG)
• Trump Poised to Push Nafta Changes, Pressure Mexico on Trade (WSJ)
• China Touts Its Own Trade Pact as U.S.-Backed One Withers (WSJ)
• Trump to kill trade deal on day one (Reuters)
• Overtime Pay Rule to Go Into Effect, but May Not Last (WSJ)

As US stocks push to record highs, trading volume is dwindling and broad market breadth is terrible...

Submitted by Eric Bush via Gavekal Capital blog,

We all know that stocks are a leading indicator of economic growth and disappointingly recent breadth measures suggest that economic activity may slow over the next several months.

In the charts below, we show the percentage of stocks trading above the 200-day moving average for various market aggregates, regions and sectors (with a 1-quarter lead) against the 3-month moving average of the ISM Manufacturing Index.

Submitted by Erico Matias Tavares via Sinclair & Co.,

Americans will be celebrating Memorial Day this weekend, to honor those who fought and died for the values they have traditionally cherished the most as a nation: life, liberty and the pursuit of happiness.

Iconic jeweler Tiffany reported Q1 earnings which continued the recent slide in top and bottom line on the back of a clearly weaker domestic and global consumer, and which not only missed the top and bottom line, printing at $891.3MM (exp. 914.9MM) and $0.64 (exp.