6/1/20 Market Notes
US Markets rallied in the last hour of trading on Friday after President Trump’s rebuke of China was less severe than anticipated. The S&P 500 finished up 0.5% for the session, the Dow was down 17.5 (-.07%) and Nasdaq gained 120.8 for an increase of 1.3%. Equities posted their second month of gains, with the S&P rising by 4.8% in May vs. April’s gain of 12.7%; leaving the index down only 5% year-to-date and down 10% from its all time high of 3,396 set on February 19th. Overseas, Asian and European markets were modestly higher on the accelerating economic reopening trend and after President Trumps’ saber rattling on Friday was interpreted as not being cause for immediate concern. Hong Kong shares rallied 3.4% from recent lows. US futures were flat at 8:00 am indicating a calm opening after a weekend of unrest in cities across the country following the death of George Floyd at the hands of a Minneapolis Police Officer. Sentiment this morning may also be souring on news that China may be suspending the purchase of some US farm goods in contradiction of recent trade agreements.
Disclosures: This market commentary is written by the 1879 Advisors® and represents the views of 1879 Advisors®. This commentary is not investment advice and should not be used as a basis to make investment decisions. Please consult with your registered investment advisor before making any investment decisions.