IRS to crackdown on crypto

Your Daily Rundown

The Dow Jones Industrial Average finished up 188 points, or 0.55%, to 34,084, the S&P 500 gained 1.06% and the Nasdaq advanced 1.77%.

 

Key tech gainers within the Nasdaq 100 included NetEase, the Chinese content and gaming platform, up 8%, and vaccine producer Moderna, up 5.1%.

 

Chipmakers and related companies were strong, including Maxim Integrated, Applied Materials, Analog Devices, Lam Research, Marvell, and Nvidia.

 

Bitcoin had traded significantly higher earlier in the session following a volatile Wednesday. The world’s biggest cryptocurrency dropped as much as 31% and then regained those losses later Wednesday.

 

Ford finished up 3.2% on Thursday after unveiling the all-electric F-150 Lightning at a starting price below $40,000.

 

Kohl’s Corp slumped 10.17% after warning of a hit to its full-year profit margin from higher labor and shipping costs, as well as selling fewer products at full price.

 

The number of Americans filing for new claims for unemployment benefits fell to 444,000 in the week ended May 15, down for the third straight time, suggesting job growth picked up this month, though companies still are desperate for workers.

Yesterday’s Market Scorecard

NASDAQ (COMP) 13,535.74

S&P 500 (SPX) 4,159.12

+1.77%

+1.06%

Dow Jones (DJIA) 34,084.15

Russell 2000 (RUT) 2,207.76

+0.55%

+0.64%

The News Desk

 

 

 

U.S. Treasury Calls For Stricter Cryptocurrency Compliance

 

The Treasury Department on Thursday announced that it is taking steps to crack down on cryptocurrency markets and transactions, and said it will require any transfer worth $10,000 or more to be reported to the Internal Revenue Service.

 

Treasury: “Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion.” 

 

Investors have seen the value of bitcoin slide about 25% over the past month and talk of capitulation creep into online forums.

 

The Treasury Department has officially entered the crypto market, and they want their share

 

 

 

Vaccine Boosters Could Be Necessary Come Fall

The first Americans to be vaccinated against the coronavirus could require a third “booster” shot as early as September, the CEOs of Pfizer and Moderna told Axios.

 

Pfizer CEO Albert Bourla: “The data that I see coming, they are supporting the notion that there will likely be a need for a booster somewhere between eight and 12 months.”

 

Bottom line: Even if you received your first shot in December, you don’t need to worry that you’ll wake up tomorrow having lost all of your immunity.

 

We can’t wait to head back to the clinic! 

 

 

 

 

Sen. Bernie Sanders To Introduce Resolution Of Disapproval

Sen. Bernie Sanders is preparing to introduce a resolution on Thursday disapproving of the U.S. sale of $735 million in precision-guided weapons to Israel, according to a draft obtained by The Washington Post.

 

Context: The resolution aims to halt the planned sale to Israel by the Biden administration of JDAMs, or Joint Direct Attack Munitions, and Small Diameter Bombs, as the worst hostilities in years continue between Israel and Hamas.

 

In order to pass: The resolution needs only a simple majority to pass the Senate; but if it were to be vetoed by President Joe Biden, it would need a two-thirds majority in both chambers to take effect.

 

If this passes we may have to refund your $735M deposit, Israel

Upcoming Events on the Economic Calendar

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

 

Friday, May 21st: PMI Composite Flash (9:45 AM ET)

Friday, May 21st: Existing Home Sales (10:00 AM ET)

Earnings Calendar

Trading Quote of The Day

 

“Time is your friend; impulse is your enemy.” – John Bogle

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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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