Your Daily Rundown
The Dow Jones Industrial Average finished down 81 points, or 0.24%, to 34,312, the S&P 500 fell 0.21% and the Nasdaq ticked down 0.03%.
Bitcoin prices lost earlier momentum Tuesday after Tesla Chief Executive Elon Musk called upon large Bitcoin miners to be transparent about their energy use.
Bitcoin fell 5.86% to $37,476 on Tuesday, according to CoinDesk.
Federal Reserve officials continue to downplay rising price pressures, and Fed Vice Chair Richard Clarida said the central bank can take steps to cool a jump in inflation, if it occurs, without derailing the economic rebound coming out of the pandemic.
Energy, down 2.04%, was the weakest sector on the day with Exxon Mobil Corp off 2.26% as the biggest weight on the S&P 500, after sources said that BlackRock Inc has backed several candidates of hedge fund Engine No. 1 to join the energy giant’s board.
Airline stocks, part of the “reopening” trade, rose after United Airlines and Hawaiian Holdings issued upbeat air traffic and ticket sale estimates that sent their shares up 1.50% and 3.59%.
Boeing gained 1.39% after aircraft leasing business SMBC Aviation Capital agreed to buy 14 more 737 MAX jets.
Lordstown Motors Corp slumped 7.45% after the electric vehicle startup said that 2021 production of its Endurance truck would be half of prior expectations and it needs additional capital to execute its plans.
Yields on the benchmark 10-year Treasury note fell Tuesday to 1.559%.
Yesterday’s Market Scorecard
NASDAQ (COMP) 13,657.17
S&P 500 (SPX) 4,188.13
Dow Jones (DJIA) 34,312.46
Russell 2000 (RUT) 2,205.75
The News Desk
Moderna Says Covid-19 Vaccine Is 100 Percent Effective In 12 To 17-year-olds
Moderna announced on Tuesday that studies had found that its COVID-19 vaccine was 100 percent effective at stopping infection in adolescents aged 12 to 17 and that it planned on submitting the findings to global regulators in days.
The study: According to Moderna, 3,732 participants aged 12 to 17 were involved in the studies. No cases of COVID-19 were observed in any of the vaccinated participants and “no significant safety concerns” were identified.
The vaccine was shown to be 93 percent effective two weeks after the first dose was administered and 100 percent effective after the second dose.
Can we really be 100% sure?
Petition to Expel Marjorie Taylor Greene Has Started
A petition calling for the expulsion of Rep. Marjorie Taylor Greene from the House of Representatives has collected more than 60,000 signatures after she compared coronavirus-related mask mandates to the Holocaust.
The petition calls for Greene to be “immediately expelled from Congress.”
It follows her comments comparing coronavirus-related mask mandates to the Holocaust.
Apparently wearing a mask is a form of “abuse”
Texas Lawmakers Move to Drop Most Handgun Licensing Requirements
Texas lawmakers are poised to allow adults over the age of 21 to openly carry a handgun in public without a permit, a measure being hailed as a victory by gun rights advocates while critics said it would lead to an increase in gun violence.
Current Restriction: Gun owners must pass a background check, submit fingerprints, complete at least four hours of training, and pass both a written exam and shooting proficiency test before carrying a handgun.
If Passed: Narly all of those requirements would be dropped for Texans 21 and older, though people with criminal histories that would bar them from owning a handgun under federal law would still be barred from carrying a weapon.
Gov. Gregg Abbott: “The strongest Second Amendment legislation in Texas history. Let’s get it to my desk for signing.”
Will gun violence also be bigger in Texas after this passes?
Upcoming Events on the Economic Calendar
And now a brief and well-organized look at the trading week ahead:
Wednesday, May 26th: EIA Petroleum Status Report (10:30 AM ET)
Thursday, May 27th: Durable Goods Orders (8:30 AM ET)
Thursday, May 27th: GDP (8:30 AM ET)
Thursday, May 27th: Jobless Claims (8:30 AM ET)
Friday, May 28th: International Trade in Goods (Advance) (8:30 AM ET)
Friday, May 28th: Personal Income and Outlays (8:30 AM ET)
Trading Quote of The Day
“Do not anticipate and move without market confirmation – being a little late in your trade is your insurance that you are right or wrong.” – Jesse Livermore