Stock Market Today: May 24th - 28th, 2021

Morning Lineup - 5/27/21 - Jobless Claims at Pandemic Low
Thu, May 27, 2021

We've just received a slug of economic data, and it was a mixed bag. Durable Goods Orders saw a pretty big miss at the headline level (-1.3% vs 0.85) but were slightly better than expected after stripping out Transportation (1.0% vs 0.7%). Jobless claims came in better than expected on both an initial (406K vs 425K) and continuing basis (3,642K vs 3,680K). The second look at Q1 GDP was unchanged at 6.4%, but the Price Index and Core PCE both came in higher than expected.

Despite the stronger than expected inflation data, futures have actually seen a modest bounce following the data.

The charts below come from page seven of our Morning Lineup and show the daily COVID case trends for various regions around the world. The country that stood out more than any others in recent weeks has been India, but the daily number of new cases has nearly been cut in half as the surge part of the recent wave burns itself out. Looking at other major countries/regions, most have been on the decline, but there has been a modest uptick in cases in both Brazil and Chile although neither country is close to its highs from the Spring. Meanwhile, here at home the daily number of new cases continues to shrink and is now below 100 new daily cases per million.

 

yep, pretty much hit the nail on the head there @stock1234 for the exception of some individual names, market as a whole has been fairly mundane this week, month, and really if i'm being honest, this whole year pretty much thus far.

honestly don't see this changing anytime soon yet, outside of your garden variety black swan event

i know you and i keep beating this drum, but i just think nothing much changes so long as the FED is pedal to the metal doing its thang lol.

just seems like it's stay the course, and stair stepping higher for the market, with a few 3-5% pullbacks along the way.

could really be like this all year tbh. i hope not, because i love market volatility just as much as the next dude out there haha.

but, really don't see anything changing anytime soon yet at least going into the summer months. we'll see.

summer doldrums could be particularly mundane this year.

btw, just in case i don't get a chance to say this tomorrow, hope you and stoch both have an awesome 3-day weekend ahead!

i'll be mostly in and out tomorrow, as i'm prepping to head out to the mountains this weekend. but will have all the new threads posted by tomorrow night. gonna be largely MIA this weekend with the markets closed on monday for the memorial day holiday as well.

 

Top of the morning StonkForumers! Happy Friday! And welcome to the final trading day of the week and month and a frrrrrrrresh start! Here is a quick look at the futures as we are under 3 hours from the cash market open.

GLTA on this Friday, May the 28th, 2021!

 

Morning Lineup - 5/28/21 - Salesforce.com Drives the Dow
Fri, May 28, 2021

It seems weird to say that a 5% rally in Salesforce.com (CRM) is driving the Dow higher today, but since it was added to the index late last August, Marc Benioff's company is on pace for one of its largest one-day gains accounting for about half of the Dow's pre-market gains this morning.

In economic data, it's been a busy morning but so far there hasn't been much in the way of surprises. The only other releases on the calendar are Chicago PMI at 9:45 and Michigan Confidence at 10 AM. With the holiday weekend on the horizon, look for this afternoon's trading to be on the quiet side.

Although equity futures are higher this morning, the crypto space is under pressure heading into the long weekend following some cautionary comments from BoJ Governor Kuroda (who says crypto isn't uncorrelated?). It's been an interesting week for bitcoin and ether. Throughout the week, they made multiple attempts to break above short-term resistance, but each one was met with selling. In bitcoin's case, the resistance level was right around $40,000 while for ether it was $2,900. After several unsuccessful attempts at sealing the deal, it looks like traders in both crypto assets have given up heading into the weekend.

 

Per Ryan Detrick over at LPL:

Stocks could finish higher yet again in May, making this 8 of the past 9 years May was in the green. As we said at the start of the month, we should call it Sell in June.



9 of the past 10 years when the S&P 500 was up >5% in April, the month of May was also higher (since WWII). This year could make it 10 of 11. Also, May historically starts strong and ends strong, the middle is trouble. Amazing how history seems to rhyme.