Mostly Drifting Sideways into Summer with the S&P 500
With the trading week shortened by the Memorial Day holiday, the S&P 500 (Index: SPX) mostly drifted sideways in the unofficial start of summer for the U.S. stock market.
Investors were therefore left with all the same unanswered questions they had coming into the week, although the weaker-than-expected jobs report on Friday, 4 June 2021 provided a signal the Fed is unlikely to begin pulling back its stimulative bond-buying activities until sometime later this year.
That was enough to bid stock prices up to close the week, but not to definitively resolve the questions investors have for the future. Meanwhile, the market moving headlines of the week that was reveal other factors investors were focusing upon.
- Tuesday, 1 June 2021
-
- Signs and portents for the U.S. economy:
- Oil rises to highest since March on demand prospects
- U.S. construction spending rises moderately in April
- U.S. manufacturing gains steam; raw material, labor shortages mounting
- Fed minions say labor market worse than it looks, inflation no problem, want to keep juicing home sales:
- U.S. labor market worse than it appears, Fed paper suggests
- Fed’s Brainard: Economy making ‘welcome progress,’ but still ‘far’ from goals
- Fed’s Brainard says central bank’s mortgage purchases part of broader effort to lower rates
- Fed’s Quarles: Still expects inflation jump will be transitory
- Bigger inflation developing all over:
- Euro zone inflation jumps past ECB target in May
- Counter inflation with rate hike, Bavarian minister urges ECB
- Australia’s home prices surge, adding challenges for dovish RBA
- UK house prices jump by 10.9%, could speed up further- Nationwide
- Factory activity racing but supply squeeze dims outlook
- S.Korea May exports at full throttle, set fastest pace in 32 years
- French manufacturing grows at fastest rate in 20 years in May – PMI
- German manufacturing hums along in May despite supply bottlenecks – PMI
- New orders drive record surge in UK manufacturing in May – PMI
- S&P 500 dips, as healthcare weighs; Dow ends higher
- Wednesday, 2 June 2021
-
- Signs and portents for the U.S. economy:
- Half of U.S. states to end Biden-backed pandemic unemployment early
- Oil hits over 1-year high on OPEC+ supply discipline, demand prospects
- Fed minions say all’s good, time to stop corporate bond market support, and time to think about thinking about stopping stimulus bond buys:
- Amid hiring troubles, rising prices, U.S. growth gains speed -Fed
- Fed says it will start unwinding its corporate bond holdings
- Fed’s Harker says it’s time to ‘think about thinking about’ tapering
- Bigger inflation developing all over:
- ECB minions to keep pouring on stimulus:
- ECB to help euro zone ‘well into’ recovery, Lagarde says
- ECB’s Weidmann drops opposition to making bond purchases greener
- Counter inflation with rate hike, Bavarian minister urges ECB
- Wall St edges up ahead of key economic data, AMC soars
- Thursday, 3 June 2021
-
- Signs and portents for the U.S. economy:
- U.S. weekly jobless claims fall below 400,000; private payrolls rise solidly
- U.S. service sector index at record high in May; input costs soar – ISM survey
- Oil steady after sharp rise on improved demand picture
- Record-high number of U.S. small businesses can’t fill job openings – NFIB
- Fed minions say they’ll keep juicing U.S. economy, even though its forcing rates to record lows. Also say banks are A-OK:
- Fed’s policies to support ‘robust’ economic recovery: Clarida
- NY Fed’s Williams says now not the time to take action on tapering
- Analysis: A ‘tsunami’ of cash is driving rates ever lower. What will the Fed do?
- Fed’s Quarles says reworked bank regulatory system performed ‘quite well’ through pandemic
- Bigger inflation developing all over, but Turkey:
- Analysis-’Punk nation’: Argentina inflation soars as hazy future drives price hikes
- Turkish inflation rate drops unexpectedly to 16.59% in May
- Eurozone discovers key to growth is lifting lockdown restrictions:
- S&P 500, Nasdaq dragged by tech as upbeat data fans inflation fears
- Friday, 4 June 2021
-
- Signs and portents for the U.S. economy:
- U.S. factory orders fall more than expected in April
- Oil hits two-year high on OPEC+ discipline, demand hopes
- Fed minions list things they don’t want to do:
- Powell says Fed does not seek to set climate policy for U.S
- Fed’s Mester says further progress needed before central bank reduces support
- Bigger trouble developing in the Eurozone?
- Tech drives Wall Street higher as jobs report calms inflation fears
Barry Ritholtz succinctly summarized the positives and negatives he found in the markets and economy news of the holiday-shortened trading week!
Source: https://politicalcalculations.blogspot.com/2021/06/mostly-drifting-sideways-into-summer.html
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