Rob Hager

The forward 12-month P/E ratio for $SPX is 21.2, which is above the 5-year average (19.9) and above the 10-year average (18.9). #earnings, #earningsinsight, bit.ly/3S8J0eA

Key Events This Week: 1. May ISM Manufacturing PMI data - Monday 2. April JOLTS Job Openings data - Tuesday 3. May ISM Non-Manufacturing PMI data - Wednesday 4. Initial Jobless Claims data - Thursday 5. May Jobs Report - Friday 6. Total of 7 Fed Speaker Events This Week This week is all about the labor market.

🇺🇸 US high-frequency dashboard, composed of daily and weekly economic indicators (updated as of May 29, 2026). #economy

Next week in earnings:

Income tax withholding in May came in $1.2b (16%) above May Revision projections and 4% higher than last year. May's modest y-o-y growth largely reflects timing issue. Combining April and May to smooth timing issues, withholding was up 13% from last year. lao.ca.gov/LAOEconTax/Art…

- US 🇺🇸 Baker Hughes Total Rig Count: 562 (Prev: 558) - US 🇺🇸 Oil Rig Count: 429 (Prev: 425) - A slight uptick in activity signals potential shifts in the energy sector.

Chicago May PMI 62.7 (est 50.3, last 49.2) Chicago PMI beat estimates in May, rising more than 13 points. This is in line with macro proxies pointing to an acceleration in the ISM to 55 or above.

Chevron's Mike Wirth said we're weeks away from oil shortages. He sees US gasoline prices potentially rising considerably in the next two months. Listening to market strategists and then talking to commodity producers is an exercise in cognitive dissonance. @ferrotv @annmarie

EIA's weekly data release for the week ending 22 May showed broad-based declines across U.S. crude and refined product inventories. Total crude oil stocks, including Strategic Petroleum Reserve (SPR) withdrawals, fell by 12.4 million barrels. Refinery demand surged to nearly 17 million barrels per day, potentially limiting export availability as crude exports slowed for a second consecutive week to 4.4 million barrels per day. Meanwhile, inventories at Cushing, Oklahoma - the delivery hub for WTI futures - declined by 2.8 million barrels. Ahead of the peak summer driving season, gasoline inventories fell to their lowest seasonal level since 2014, while distillate stocks dropped to around 100 million barrels, the lowest level for this time of year in 25 years.

NAAIM Exposure Index - @SoberLook @NAAIM_Official

AAII Individual Investors Sentiment - @SoberLook @AAIISentiment

S&P 500 3-Month Implied Correlation @SoberLook

U.S. Equity Valuation Metrics (Z-Score Since 1900) - @SoberLook

S&P 500 Forward EPS - @SoberLook

“Economic Momentum Will Ease” - @SoberLook ⁦@mrbpartners⁩ #China

Japan Consumer Confidence - @SoberLook

.@AtlantaFed GDPNow - @SoberLook

Continuing Claims - @SoberLook

Initial Claims - @SoberLook

U.S. Durable Goods Orders (M/M) - @SoberLook