Monday's Markets Update (May 15, 2023)

15 May 2023 by rate3

On Monday, the NY Fed reported that business conditions had deteriorated far beyond expectations. However, traders, focusing on technicals, managed to push the NASDAQ (o:12301, c:12365) slightly higher, while BTC (o:27395, c:27418) remained unchanged.

New York business activity dropped sharply per May Empire State Manufacturing Survey. General business conditions index fell by 43 points to -31.8. New orders and shipments plunged after previous rise. Delivery times shortened somewhat, inventories contracted. Employment and hours worked edged lower for fourth consecutive month. Prices increased at similar pace as last month. Capital spending plans turned sluggish. Businesses expect little improvement in conditions over next six months.

Other Markets Updates:

India: April 2023 passenger vehicle sales in India suddenly surged by 13.4% to 313,278 vehicles, rebounding from zero growth last month, per Society of Indian Automobile Manufacturers (SIAM) data. Yearly, April recorded highest-ever sales growth of 12.9% for passenger vehicles in that month.