This week’s economic calendar includes data on purchasing manager surveys, housing, trade, durable goods, and revised first quarter gross domestic product. The Fed will remain in focus with minutes from the May 3rd meeting due out Wednesday. We believe the market is correctly pricing in a June 14 rate hike. Overseas include first quarter German and U.K. GDP, German business confidence, and Eurozone purchasing manager surveys. (LPL Research)
Ford will replace CEO Mark Fields. The automaker's new CEO will be Jim Hackett, former CEO of Steelcase and currently chairman of the autonomous vehicles unit at Ford. This comes as profits margins at Ford trail those of other car makers and as the stock price has fallen almost 40% since Field took over three years ago. (CNBC)
U.S.-based chemical company Huntsman and Switzerland's Clariant are combining in a more than $14 billion merger of specialty chemical companies. The all-stock transaction will create a company that will be 52% owned by Clariant shareholders. (CNBC)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.