Your Daily Rundown
The Dow Jones Industrial Average finished up 141 points, or 0.41%, to 34,464 and the S&P 500 was up 0.12%, while the Nasdaq ticked down 0.01%.
Giving the Dow a lift was Boeing, which rose 3.9% after Airbus EADSY, the world’s biggest planemaker, boosted its near-term production targets amid the ongoing post-pandemic recovery in global airline passenger traffic.
Boeing supplier General Electric jumped 7.09% and the two were the biggest boost to the S&P industrials, the best performing sector on the day.
The number of Americans filing for first-time unemployment benefits fell to 406,000 last week, a decrease that was sharper than economists expected. Jobless claims have fallen for four straight weeks.
Ford finished 7.3% higher on Thursday after the car company, looking to take on Tesla in electrifying its fleet sooner rather than later, received an upgrade from analysts at RBC Capital, who say the stock is “still not overly expensive.”
Nvidia slipped 1.2% Thursday despite a bullish forecast from the maker of gaming and data-center chips.
The 10-year note reached a high of 1.625%.
Yesterday’s Market Scorecard
NASDAQ (COMP) 13,736.28
S&P 500 (SPX) 4,200.88
Dow Jones (DJIA) 34,464.64
Russell 2000 (RUT) 2,273.07
The News Desk
Biden to Propose $6 Trillion Budget to Make U.S. More Competitive
President Biden will propose a $6 trillion budget on Friday that would take the United States to its highest sustained levels of federal spending since World War II as he looks to fund a sweeping economic agenda that includes large new investments in education, transportation and fighting climate change.
By the numbers: Documents obtained by The New York Times show that the budget request, the first of Mr. Biden’s presidency, calls for total spending to rise to $8.2 trillion by 2031, with deficits running above $1.3 trillion throughout the next decade.
Does someone foresee “inflation?”
Memorial Day Gas Prices Are The Highest In Seven Years
Gasoline prices are the highest for a Memorial Day holiday weekend since 2014.
Prices are expected to range around $3 and stay elevated through the summer, as Americans get on the road resuming normal activities and taking driving holidays.
The Colonial Pipeline outage earlier this month is over, but there are still some areas with short supplies. Nevertheless, drivers should still be able to fill up over the long weekend.
At least there aren’t European hackers shutting down the gas lines this time
Trump, Giuliani Urge Judge To Throw Out Democrats’ Capitol Riot Lawsuit
Former President Donald Trump and his onetime personal lawyer, Rudy Giuliani, urged a federal judge late Wednesday to dismiss a lawsuit against them filed by Rep. Bennie Thompson and 10 other House Democrats over the Capitol riot.
Trump’s Perspective: The former president said he was acting in his official capacity in urging Congress not to declare Joe Biden the winner of last year’s election, that he did not incite people at the rally to violence prior to the attack on the Capitol, and that his statements at the rally were protected expression under the First Amendment.
Trump also faces a third civil lawsuit over the Capitol riot filed by two U.S. Capitol Police officers. His response to that suit is due June 28.
Trump: Just make it stop already!
Upcoming Events on the Economic Calendar
And now a brief and well-organized look at the trading week ahead:
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
“Why do you think unsuccessful traders are obsessed with market analysis? They crave the sense of certainty that analysis appears to give them. Although few would admit it, the truth is that the typical trader wants to be right on every single trade. He is desperately trying to create certainty where it just doesn’t exist.” – Mark Douglas