Markets
Here are today’s market moves:
S&P 500 up 0.47% to 4,239.18
Dow Jones up 0.06% to 34,466.24
Nasdaq up 0.78% to 14,020.33
Bitcoin: $36,800
US10Y: 1.434%
What Happened?
The S&P 500 closed at a record high on Thursday after data showed that the labor market is healing. The Dow Jones and Nasdaq are both within 1% of their all-time highs.
Jobless claims fell to 376,000 last week – the first time the figure has fallen below 400,000 since the start of the pandemic.
The Labor Department said that consumer prices jumped 5% in May from a year earlier, the highest annual inflation rate in 13 years.
Investors seem to believe that the high number is just temporary and will soon stabilize.
The crypto market fell slightly, with Bitcoin trading at $36,800. The cryptocurrency is still down over 40% from its high in April.
The meme mania is back. In the past two weeks, retail traders have poured $1.27 billion into meme stocks.
IPO’s in the next three months are expected to raise more money than ever before:
What Else?
This Week
Monday: Earnings expected from Stitch Fix and Vail Resorts.
Tuesday: Earnings expected from Casey’s General Stores and Thor Industries.
Wednesday: Earnings expected from Campbell Soup and GameStop.
Thursday: Earnings expected from Chewy and Signet Jewelers; Weekly jobless claims.
Friday: Consumer sentiment index.