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Manufacturing and Housing Data Improved in May

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Today's financial recap and tomorrow's financial outlook.

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The Japanese Nikkei 225 (INDEXNIKKEI:NI225) jumped higher for the second straight session overnight, finishing the day up 2.73%. European indices rose on the day as well, with the DAX (INDEXDB:DAX) finishing the day up more than 1%.

This morning the Empire State manufacturing index surprised investors to the upside, coming in at 7.84 against the 0.0 that was expected. However, though the headline number was very positive, the internal readings of manufacturing activity remained weak.

The NAHB housing market index, an index of real-estate broker and builder expectations, also came in much higher than expected at 52, its highest level since 2006. Homebuilder stocks (NYSEARCA:XHB) reacted favorably to the data and finished up more than 1% in today's session.

The 10-year Treasury rose five bps to 2.17%. Crude finished flat on the day, closing just under $98 a barrel.

A deal between Netflix, Inc. (NASDAQ:NFLX) and DreamWorks Animation SKG Inc. (NASDAQ:DWA) was announced today that will bring 300 hours of original DreamWorks content to Netflix over the next several years. Shares of both companies jumped on the released, with Netflix finishing the day up 6.5% and DreamWorks up 4%.

Tomorrow's Financial Outlook

Great Britain's CPI and PPI will be released at 4:30 a.m. EDT tomorrow morning. The consumer price index is expected to see year-over-year growth of 2.6%, up from 2.4% the month prior. In the PPI report, output is expected to have seen zero growth month-over-month and input is expected to have seen a 0.1% decline.

The US consumer price index and housing starts will both be released at 8:30 a.m. EDT. CPI is expected to see growth of 1.4% year-over-year in May, up from 1.1% the month prior. Housing starts are expected to come in at an annual rate of 955,000 in May, after 853,000 last month.

The FOMC meeting begins tomorrow to discuss the economic climate and monetary policy. Ben Bernanke will address the public on Wednesday in a press conference at 2:30 p.m. EDT following the 2:00 p.m. statement from the committee.

Adobe Systems Incorporated (NASDAQ:ADBE) will release earnings tomorrow after the closing bell. The tech giant is expected to report earnings per share of $0.34. La-Z-Boy Incorporated (NYSE:LZB) will also release its earnings report after market close tomorrow. Earnings per share is expected to come in at $0.28 with revenue $356.9 million.

Twitter: @Minyanville

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No positions in stocks mentioned.

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