Futures Up Modestly On The First Day Of June Trading

In After Hours Trading

IPOs on deck none of note KBL Merger. Secondaries of note ATSG IMRN NSTG V.

In After Hours Trading: BOX +.01 PANW +.06 SMTC +.03.

Lower Guidance: .

Mixed Guidance: HPE OLLI PANW.

Positive Guidance: .

What's Happening This Morning

U.S. futures: S&P +1, Dow Jones +33, NDX +5.50 and Russell 2000 -0.90. Asia and Europe higher.Copper, silver and gold lower. WTI Crude and Brent Oil Futures mixed. Natural Gas is higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury yield at 2.22% yield, one day change 0, one month change -10 and +38 one year change. Prices as of 7:55 a.m. EDT.

Top Sectors Healthcare Utilities and Industrials.

Weak Sectors Materials and Energy along with Financials.

One month winners Utilities and Services.

Three Month Winners Consumer Goods, Utilities and Technology.

Six Month Winners Conglomerates, Industrial Goods, Financials, Energy and Materials.

One Year Winners Energy, Materials, Industrial Goods and Utilities.

Year To Date All except for Energy and Conglomerates.

Earnings Expected

Earnings due after the close (by avg. trade volume): AVGO VMW WDAY COO LULU GWRE RH ZUMZ among others.Due Friday morning (by avg. trade volume descending): GOOS HOV among others.

Rags & Mags: Inside Wall Street

Bloomberg: Researchers predict if the U.S. withdraws from the Paris Accord there would be a domino effect creating catastrophic climate change that could not be reversed. U.K. Prime Minister Theresa May pulled out of a televised debate ahead of next week's elections. ECB may change guidance next week.

Reported Earnings This Morning

Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): CIEN +.08 DG +.03 DCI +.01 EXPR -.05 MBLY +.01 TECD +.54.Missing: .

Lower Guidance: GHM EXPR.

Current Morning missing: .

Mixed Guidance: DG.

Positive Guidance: .

Data Points

Yesterday saw 1468 stocks rise and 1458 fall on the NYSE. NASDAQ saw 1390 rise and 1449 fall.

The SP 500 is back above its 50 day exponential moving average and above its 200 day exponential moving average. The Russell 2000 is back below its 50 day moving exponential average and is above 200 day exponential moving average.

The 10 day spread moving average of breadth is back to cash as of last Friday's close. The Madison Market Timing Indicator is now invested since November 18th.

YTD 2438 stocks are higher and 2215 lower. Updated 5/19/17 close.

Economics

Challenger Gray & Christmas Job Cuts rose by 71.2% over April. Ford was the big contributor to the rise.April Construction Spending is due out at 10:00 a.m. EDT and is expected to rise to 0.5% from -0.2%.

May ISM Manufacturing PMI is due out at 10:00 a.m. EDT and is expected to fall to 54.6 from 54.8.

May ADP Payroll Survey is released at 8:15 a.m. EDT.

Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.

Politico

Federal Reserve releases its latest Beige Book AT 2:00 A.M. EDT.Federal Reserve San Francisco John Williams speaks at 7:30 p.m. EDT.

Conference & Analyst Meetings

Meetings, Conference Calls or Announcements of note, SKX BOKF LB. May Auto Sales due from F GM HMC TM. Cowen & Co Annual Technology, Media and Telecom Conference.

Conference of Note

New Cardiovascular Horizons 18th Annual Conference. Master Limited Partnership Association (MLPA) Investor

Key Upgrades and Downgrades

Goldman Sachs ups ITW
Morgan Stanley ups GT
Citigroup ups SKX