Previewing Tomorrow's Economic Reports (SPY)

Tomorrow has a couple of market moving economic reports, in the form of April consumer price index (CPI), and the University of Michigan consumer sentiment. At 8:30 a.m., April CPI is expected to be released, and economists expect a reading of 0.4%, down from 0.5% in March. Core CPI is expected to remain flat, showing a reading a 0.1%, the same as March. The producer price index (PPI) was released today, and it came in hotter than expected. Economists expected a reading of 0.5%, and it came in at 0.8%, up from 0.7% in March. Core PPI also rose, coming in at 0.3%, on expectations of 0.2%. 25 minutes into trading, the University of Michigan is releasing its consumer sentiment index for May, and economists expect a reading of 69.5. This is down slightly from the prior reading, which was 69.8.