"Sell in May and go away" may be what they say on Wall Street, but "they" sure didn't do it this year. Instead, "There's No Stopping Us Now" is the theme song for the moment, even with the market at record highs.
Stock futures are pointing up after Dell reported higher-than-expected results and announced layoffs. But while we're on the subject of jobs or the lack of them, key employment numbers are due before the opening bell, as are important personal consumption expenditure figures. On tap for later are the Institute for Supply Management's May manufacturing index, pending home sales for April and the Reuters/University of Michigan consumer sentiment data. U.S.
Treasures are slightly lower as traders fret that a strong job market could dash any remaining expectations of an interest-rate cut for this year. The dollar is hovering around a four-month high against the yen and seven-week highs against the euro.
Oil prices are down after the restart of a major Nigerian pipeline, with London Brent crude below $68 a barrel. Dow Jones shares are way up this morning after the family that controls the company relented and said it would at least consider selling to Rupert Murdoch's News Corp. And all you Elvis fans may no longer have a shot at investing in the company that controls The King's name, image and likeness.
CKX, which also owns the company behind "American Idol," is considering a deal to go private. Lisa Von Ahn - Editor