DC Lite #120

Welcome back to DC Lite: Daily Chartbook’s free, entry-level newsletter containing 5 of the day’s best charts & insights. Upgrade to get all 30 charts.

1. NFIB. "US small-business optimism rebounded for the first time this year in April as sales expectations improved, while the share of owners planning price increases fell to a one-year low."

2. Redbook. Strength in same-store retail sales continued as the Redbook Index rose 6.3% YoY in the week ending May 11.

3. PPI (II). "A primary reason for the beat in April PPI was a sharp increase in portfolio management and investment advice, up roughly 4%. This will add 0.06ppts to core PCE inflation in April. Of course, stocks eased a bit last month and that should flow in later this quarter."

4. FMS vs. stocks. "Investors are the most overweight stocks since Jan’22."

5. Cyclical bulls. "With the S&P 500 index up 49% from its October 2022 bottom, this remains a modest cyclical bull by historical standards."