AMJ (Alerian MLP index tracking fund)
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Core personal consumption expenditures, the Federal Reserve's preferred inflation reading, rose in May by the most in nearly 3 decades as the US economy continued to gain momentum while COVID-19 lockdown restrictions eased. Core PCE, which excludes food & energy, jumped 3.4% annually, up from the 3.1% increase in Apr, the Bureau of Economic Analysis reported. The reading was the strongest since 1992. Prices rose 0.5% on a monthly basis, slowing slightly from Apr's 0.7% gain. The forecast was expecting a 3.4% annual increase & 0.6% monthly gain. Overall, personal consumption expenditures rose 3.9% year over year & 0.4% from Apr. Additionally, personal income declined 2% in May as the impact from stimulus checks continued to subside. Income fell 13.1% in Apr. Spending was unchanged in May. The prior month's reading was revised up to an increase of 0.9% from 0.5% growth. The forecast called for income to decline 2.5% & consumption to tick up 0.4%
Fed's preferred inflation reading posts biggest annual increase since 1992
FedEx (FDX) recorded a nearly $2B profit in its most recent qtr,
after reporting a loss the year before, helped by a surge in online
shopping & the growth of its business-to-business shipping services. Package delivery companies have been in high demand during
the pandemic, as more people stayed home & shopped online. At the
same time, FDX has been delivering COVID-19 vaccines. The company reported net income of $1.87B
for the 3 months ending May 31, compared with a $334M loss in
the same period the year before. Adjusted EPS came to $5.01, missing expectations by 3¢. Revenue rose 30% to $22.6B, beating expectations. The stock fell 15.01 (5%).
If you would like to learn more about FDX, click on this link:
club.ino.com/trend/analysis/stock/FDX?a_aid=CD3289&a_bid=6ae5b6f7
FedEx posts profit as online shopping boom continues
NIKE (NKE), a Dow stock, shares surged more than 14%, hitting a record high, after it forecast full-year sales topping $50B as its North American business rebounds from the lows of the coronavirus pandemic. And
in greater China sales appear to be improving, with Nike management
saying the company is confident about its ability to regain trust with
customers there, amid threats to boycott Western brands over their
comments expressing concern about alleged forced labor in Xinjiang. “These are times when strong brands can get stronger each quarter this reality becomes even more
clear,” CEO John Donahoe said. Globally, NKE is seeing shoppers splurge on new sneakers &
fashion-forward sweatsuits to wear as more people begin to socialize
again. The Jordan brand has been a particular bright spot. During
the 3-month period ended May 31, total revenue nearly
doubled to $12.3B from $6.3B a year earlier, topping
estimates by more than $1B. In North America, its
biggest market, sales more than doubled to a record $5.4B. The stock jumped 18.34 (14%).
If you would like to learn more about NKE, click on this link:
club.ino.com/trend/analysis/stock/NKE?a_aid=CD3289&a_bid=6ae5b6f7
Nike shares surge more than 14%, hit record high as $50 billion sales outlook tops expectations
The stock market continues to fly higher with the popular averages at or very near record highs. Meanwhile high inflation remains scary & the virus refuses to give up.
Dow Jones Industrials
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