6/2/20 Market Notes
US and global equities shrugged off growing domestic unrest, starting the week on a positive note on encouraging economic data across the globe. The S&P 500 added 11 points (0.38%), the Dow +92 (0.36%), and Nasdaq +62 points (0.66%). Automobile Manufacturers, Hotels, and REITs led markets higher, continuing the recent “catch-up” trade of the more beaten up sectors and industries as investors anticipate a return to normal in the foreseeable future. Health Care and Information Technology, top performers since the March lows, continued to lag on Monday. Treasury yields ticked slightly higher and the Bloomberg Dollar spot Index declined. Ongoing global stimulus and signs of economic recovery, the primary drivers boosting equities 35% from their March lows, continued to fuel global markets overnight and are pushing US futures higher as well. Crude oil futures are also posting gains with WTI at pre-crises levels and Brent approaching $40 a barrel. This week, Investors will be looking for signs of recovery in the services sector with the release of ISM Non-Manufacturing PMI on Wednesday. Other data include: Initial jobless claims for the last week of May on Thursday; and on Friday, May unemployment figures are expected to be close to 20%, a level not seen since the Great Depression.
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.