Dow declined 37, decliners over advancers 2-1 & NAZ dropped 107. The MLP index crawled up to 195 & the REIT index fell 3+ to the 445s. Junk bond funds slid lower & Treasuries were sold. Oil went up to 69 & gold tumbled 36 to 1873 following recent strength.
AMJ (Alerian MLP index tracking fund)
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The number of Americans filing for first-time jobless claims fell to a pandemic low last week, according to the Labor Dept. Data
showed 385K Americans filed for first-time
unemployment benefits ilast week, below the 390K forexast. The prior week's
reading was revised down 1K to 405K. Continuing claims
for the week, meanwhile, rose to 3.8M, above the
3.6M that was expected. Last week's reading was revised slightly lower
to 3.6M. Separately, US private-sector job growth accelerated in May as the
labor market continued to rebound from its COVID-19-induced slowdown,
according to the ADP National Employment Report. Private-sector
payrolls grew by 978K workers last month, an improvement from the
downwardly revised addition of 654K for Apr. The forecast expected a decline to 650K new jobs. "Private
payrolls showed a marked improvement from recent months and the
strongest gain since the early days of the recovery," said Nela
Richardson, chief economist at ADP. Small, medium & large-sized
businesses all record strong job growth with the majority of gains came
from the service sector, which added 850K workers. Job gains within
services were strongest in leisure & hospitality (+440K)
education & health (+139K) & trade, transportation &
utilities (+118K). Information (-3K) was the only subsector to see
job losses. The
goods-producing sector, meanwhile, saw an increase of 128K
private-sector workers with construction (+65K), manufacturing
(+52K) & natural resources & mining (+11K), all seeing gains.
Jobless claims hit pandemic low, private-sector payrolls surge past expectations
General Motors (GM) said it would ramp up production of large-& mid-sized
pickups in North America as demand rises, & it expects financial
results for H1 to be “significantly better” than
forecast earlier. The company “optimistic” for the
full year & expects to share more information during its Q2 earnings conference call on Aug 4. The
company will increase production of Chevrolet’s Silverado HD &
Colorado & GMC's Sierra & Canyon at a time a global
shortage of semiconductor chips has slowed down production around the
world. The automaker had previously told investors
it expected adjusted earnings before interest & taxes for H1 to be around $5.5B. The stock rose 2.85 (5%).
If you would like to learn more about GM, click on this link:
club.ino.com/trend/analysis/stock/GM?a_aid=CD3289&a_bid=6ae5b6f7
GM to ramp up production, sees ‘significantly better’ first-half 2021 results
While the economic data was good, it was not surprising, The recovery keeps coming along & tomorrow's jobs report should be a good one. However thoughts of high inflation, especially after the gov wants to spend so much money, is making investors nervous. The Dow is back to where it was a month ago, although there has been buying in the last hour.
Dow Jones Industrials
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