Dow jumped 188 (with selling into the close), advancers over decliners better than 2-1 & NAZ advanced 236. The MLP index added 3 to the 187s & the REIT index shot up 5+ to the 427s. Junk bond funds edged higher & Treasuries continued in demand. Oil dropped 1+ to go under 62 & gold was off 6 to 1874 although remaining ini elevated territory (more on both below).
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2180338269244485)
The US has reported fewer than 30K cases for 5 straight days, data compiled by Johns Hopkins University shows, bringing the 7-day average of daily new infections to about 30K. It's the first time daily case counts have held below the 30K mark for five consecutive days since mid-Jun. Roughly 1.8M vaccinations have been reported on average each day over the past week, according to Centers for Disease Control & Prevention data, & 48% of the population has received at least one vaccine dose. Hopkins data shows that nationwide case counts have been on a mostly downward trend since the latest high point about a month ago in mid-Apr, when the country was seeing more than 71K cases per day. The US reported 655 Covid deaths yesterday, bringing the seven-day average to 572 deaths per day over the past week, down from the peak level of 3.4M shots per day in mid-Apr & also lower than the average of 2.2M one week ago. About 48% of Americans are at least partially vaccinated. Of those age 18 & older, slightly more than 60% have received at least one shot. Pres Biden has set a goal of getting 70% of American adults to receive one shot or more by the Fourth of July.
U.S. reports fewer than 30,000 Covid cases for five straight days
Sysco (SYY), a Dividend Aristocrat, sold off
after the company provided a profit outlook that was just in line with
expectations, while setting a $5B stock repurchase program &
boosting its dividend by 4.4%. The
food product distribution company expects fiscal 2022 EPS
of $3.23-3.43 versus the consensus of $3.33. The new
repurchase program, which doesn't have an expiration date, represents
about 12% of its market capitalization of $41B. The
qtrly div increased to 47¢ from 45¢. At
current prices, the new annual div implies a yield of
2.3%, The stock fell 89¢.
If you would like to learn more about SYY, click on this link:
club.ino.com/trend/analysis/stock/SYY?a_aid=CD3289&a_bid=6ae5b6f7
Sysco provides in line profit outlook, sets $5 billion stock buyback program; stock sells off
Gold ended higher, shaking off early losses to extend its streak of price gains to a 6th consecutive session — the longest in 2021. The move for the precious metal comes a day after minutes from the Federal Reserve's Apr meeting suggested that the central bank is contemplating when it will begin scaling back monetary-policy support for the economy. Gold began to move lower in electronic trade yesterday following minutes from the Federal Reserve's Apr meeting, released after gold futures settled, showed that members of the FOMC agreed that any price increases from bottlenecks are likely to only have “transitory effects” on inflation. The minutes also implied, however, that the FOMC may be moving toward discussing a pathway toward rolling back some of its pandemic-era accommodations as the economy rebounds from COVID-19. Jun gold edged up pocket change to settle at $1881 an ounce, following a 0.7% gain yesterday. The climb was gold's 6th in a row, the longest stretch of consecutive session gains since a 9-session climb ended last Jul 29. Prices today settled at the highest for a most-active contract since Jan 7. Today, economic data offered a mixed picture of the COVID recovery phase. A reading on US unemployment benefits continued to decline to a pandemic low in mid-May as companies ramp up hiring efforts. Initial jobless claims fell 34K to 444K in last week. The forecast called for new claims to fall to 452K. Meanwhile, a reading of manufacturing activity in the Philadelphia area, the Philly Fed factory index, fell to 31.5 in May from a 50-year high of 50.2 in Apr. Separately, the leading economic index rose 1.6% in Apr after a 1.3% gain in Mar, the strongest gain since last Jul.
Gold prices shake off early losses to tally a sixth straight gain
Oil futures fell for a 3rd session in a row, with weakness attributed in part to signs that negotiators were making progress toward a deal that would see the US lift sanctions against Iran, eventually returning a large source of supply to the market. On its expiration day, West Texas Intermediate (WTI) crude for Jun fell $1.31 (2.1%) to end at $62.05 a barrel, with front-month prices logging their lowest finish since Apr 26. The Jul contract , which is now the front month, lost $1.41 (2.2%) to settle at $61.94. Jul Brent crude, the global benchmark, declined $1.55 (2.3%) at $65.11 a barrel, with prices at their lowest finish since Apr 13. WTI tumbled 3.3% yesterday, while Brent lost 3% as crude got caught up in a broad selloff across stocks, commodities & crypto assets. Today, both traded at their lowest prices since Apr. As a 4th round of negotiations adjourned, Enrique Mora, the EU diplomat coordinating indirect talks between Iran and the US, told reporters: “I am quite sure that there will be a final agreement…I think we are on the right track and we will get an agreement,” The Biden administration wants to return to the 2015 nuclear accord after former Pres Trump withdrew the US from the agreement in 2018 & reimposed sanctions on Iran. Tehran responded to the renewed sanctions by breaching several restrictions in the pact.
Oil prices posts 3rd straight decline, pressured by expectations for an Iran nuclear deal
The data on the virus shows improvement, although the number of deaths remains around a troublesome level near or above 600. The vaccines are making the difference. Tech stocks found some friends today although NAZ is roughly where it was 3 months ago while the Dow has reached new heights. The Dow which hasn't been able to move from 34K for over a month. Meanwhile gold has been strong, not encouraging for stock investors.
Dow Jones Industrials
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