Cases & deaths hit 1-year low

Your Daily Rundown

The Dow Jones Industrial Average finished up 123 points, or 0.36%, to 34,207, the S&P 500 declined 0.08% and the Nasdaq fell 0.48% after trading higher during the morning.

 

The Dow was lifted by industrial heavyweights, including Boeing and Caterpillar Inc. Boeing jumped 3.1% as industry sources said the planemaker has drawn up preliminary plans to increase in 737 MAX output to as many as 42 jets a month in fall 2022.

 

Banks, including Goldman Sachs and JP Morgan also supported the Dow.

 

Ford Motor Co surged by 6.7% in its biggest one-day gain since December after it announced plans on Thursday to form a battery joint venture in the United States with South Korean battery maker SK Innovation to support its electric vehicle rollout, confirming a Reuters report earlier.

 

Nvidia Corp added 2.6% after announcing a four-for-one stock split, as it looks to make its stock less expensive for investors. read more

 

VF Corp slumped after the parent company of Vans and The North Face reported lower-than-expected quarterly profit.

 

Foot Locker’s first-quarter adjusted earnings beat analysts’ estimates thanks to a surge in same-store sales as shoppers returned from pandemic-triggered closures. The stock finished up 2%.

 

Shares of Palo Alto Networks jumped 5.8% Friday after the cybersecurity company boosted its earnings and revenue forecast for the full year.

 

Discussions on Wall Street have continued to revolve around the potential for rising price pressures as the economy rebounds from the coronavirus pandemic. 

 

Treasury yields fell Friday, with the benchmark 10-year Treasury note trading at 1.627%. Bond markets have remained relatively stable amid faster-than-expected readings on consumer and factory gate prices.

Yesterday’s Market Scorecard

NASDAQ (COMP) 13,470.99

S&P 500 (SPX) 4,155.86

-0.48%

-0.08%

Dow Jones (DJIA) 34,207.84

Russell 2000 (RUT) 2,215.27

+0.36%

+0.34%

The News Desk

 

 

Coronavirus Cases And Deaths In The United States Drop To Lowest Levels In Nearly A Year

 

The United States is adding fewer than 30,000 cases a day for the first time since June of last year, and deaths are as low as they’ve been since last summer. In much of the country, the virus outlook is improving.

 

By the Numbers: Nearly 50 percent of Americans have received at least one vaccine shot, and though the pace has slowed, the share is still growing by about two percentage points per week.

 

The United States is reporting about 25,700 coronavirus cases daily, a 39 percent decrease from two weeks ago. Deaths are down 14 percent over the same period, to an average of 578 per day.

 

The best pandemic news we’ve seen all year

 

 

Bitcoin Prices Tumble 50% From Peak

Bitcoin prices on Sunday afternoon were in free fall anew, with the world’s No.1 crypto spiraling down more than 50% from a peak in around the middle of April, amid another bout of turbulence in the digital-asset sector.

 

At last check, bitcoin prices BTCUSD, 4.81% were changing hands at $32,632 down 12% on the day, after hitting a 24-hour low of $31,179, which halved bitcoin from a mid-April peak at $64,829.14.

 

“Volatility” and “Bitcoin” may just be synonyms at this point

 

 

 

Fauci ‘Not Convinced’ Covid-19 Developed Naturally

Dr. Anthony Fauci says he is “not convinced” COVID-19 developed naturally, and called for an open investigation into the virus’ origins.

 

Fauci: “I think we should continue to investigate what went on in China until we continue to find out to the best of our ability what happened.” 

 

The World Health Organization (WHO) declared the lab leak theory “extremely unlikely” last week, but even Dr. Tedros Adhanom Ghebreyesus, WHO chief, has said the research team’s assessment on whether the virus entered the human population following a laboratory incident was not “extensive enough” and requires further investigation.

 

Leaked from a bat, or leaked from a lab?

Upcoming Events on the Economic Calendar

And now a brief and well-organized look at the trading week ahead:

 

Monday, May 24th: Fed’s Brainard speech (9:00 AM ET)

Tuesday, May 25th: New Home Sales (10:00 AM ET)

Tuesday, May 25th: Consumer Confidence (10:00 AM ET)

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)

Earnings Calendar

Trading Quote of The Day

“There is a time to go long, a time to go short and a time to go fishing.” – Jesse Livermore

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Your Daily Rundown The Dow Jones Industrial Average rose 0.92% to end at 34,314.67 points, while the S&P 500 gained 1.05% to 4,345.73. The Nasdaq

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