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Mostly Drifting Sideways into Summer with the S&P 500

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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:
  • Fed minions say labor market worse than it looks, inflation no problem, want to keep juicing home sales:
  • 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&P 500 dips, as healthcare weighs; Dow ends higher
  • Wednesday, 2 June 2021
    • Signs and portents for the U.S. economy:
  • Fed minions say all’s good, time to stop corporate bond market support, and time to think about thinking about stopping stimulus bond buys:
  • Bigger inflation developing all over:
  • ECB minions to keep pouring on stimulus:
  • Wall St edges up ahead of key economic data, AMC soars
  • Thursday, 3 June 2021
    • Signs and portents for the U.S. economy:
  • Fed minions say they’ll keep juicing U.S. economy, even though its forcing rates to record lows. Also say banks are A-OK:
  • Bigger inflation developing all over, but Turkey:
  • 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:
  • 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!


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