Dow jumped 493, advancers over decliners 3-1 (could have been stronger) & NAZ gained 94. The MLP index added 5 to 200 & the REIT index shot up 6 to the 449s. Junk bond funds were bid higher & Treasuries declined while stock rallied. Oil went up 1+ to the 72s & gold rose 14 to 1783.
AMJ (Alerian MLP index tracking fund)
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American Airlines (AAL) canceled hundreds of flights over the weekend due to
staffing shortages, maintenance & other issues, challenges facing the
carrier as travel demand surges toward pre-pandemic levels. About
6% of the airline's mainline schedule, (190 flights) were canceled yesterday. The airline said
that equaled about 3% of its total flights, including those operated by
regional carriers. An internal company list
showed about ½ of those were because of unavailable flight crews. On
Sat, about 4% of its mainline schedule (123 flights) were
canceled & 106 today. AAL is trimming its overall schedule by 1% thru mid-Jul
to help ease some of the disruptions, some of which it said resulted
from bad weather at its Charlotte & Dallas Fort Worth Intl
Airport hubs during the first ½ of Jun. Airlines are scrambling to keep up with a spike in air travel demand as govs lift travel restrictions & allow more attractions from concerts to restaurants to theme parks
reopen, after spending much of the past year trying to reduce staff. Some returning travelers have complained about hours-long customer
service hold times. The stock was down 25¢.
If you would like to learn more about AAL, click on this link:
club.ino.com/trend/analysis/stock/AAL?a_aid=CD3289&a_bid=6ae5b6f7
American Airlines cancels hundreds of flights due to staffing crunch, maintenance issues
The real estate market is going thru a record-breaking phase which has been described as "red-hot" by a recent housing report. According to that same report, houses are under contract, on average, less than a week after being listed. A new report from real-estate listing company Zillow says that houses are staying on the market just 6 days before being bought. The report was based on information collected during the month of May. The report found that in some markets (Cincinnati, Kansas City & Columbus), some homes are only spending an average of 3 days on the market before going under contract. The report describes the time homes are spending on the market as record lows. The average time on the market for houses reportedly dropped by a day from Apr. At the same time, the housing market saw an increase in inventory from the previous month. Zillow found that there was a 3.9% increase from Apr to May. This reportedly marks the first increase since last Jul. Inventory is reportedly still down nationwide from where it was a year ago, with a decrease of 31.2%. While inventory dropped nationwide, there have been increases in specific markets, including San Jose, San Francisco & Milwaukee (3 of the nation’s largest markets). For now, it might seem like it’s the perfect time to sell a home. Before the pandemic struck & impacted the market, however, evidence suggested that there was a specific window of time that homeowners should list their homes.
Houses are only on the market for less than a week: report
China has administered more than a B doses of its Covid-19 vaccines, a key milestone in the world's largest inoculation drive. As of Sat, 1010M doses had been given to people in China, according to the country's National Health Commission (NHC). More than 100M doses had been administered in the 6 days up to & including Sat. It's unclear how many people have been fully inoculated as the gov does not release those numbers. But Zhong Nanshan, one of China's top health experts attached to the NHC, said in Mar that the country is aiming to have 40% of the population fully vaccinated by the end of Jun. After the outbreak of the coronavirus in China last year, authorities moved to quickly bring it under control & largely succeeded in reopening the economy & slow start to China’s vaccination drive earlier this year was that people did not see the urgency for getting inoculated. But the campaign has since ramped up. It took China 25 days to climb from 100M doses to 200M doses — & just 6 days from 800M to 900M, according to state-run media Xinhua. Still, new coronavirus outbreaks have happened in the country over the past year. Since late May, the major city of Guangzhou in the south of China has been battling the delta variant, which first emerged in India. It is the first time that variant has seen local transmission in mainland China.
China has administered more than 1 billion doses of its Covid-19 vaccines
The bulls are back, throwing caution to the wind. Last week's problems have not gone away. Today's buying is based on what traders call. "bargain hunting." Uncertain & uneven recoveries along with unknowns about the fight with the virus along & an uncertain future for gov spending in DC will take care of themselves in the future.
Dow Jones Industrials
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