Dow went up 188, advancers modestly ahead of decliners & NAZ rose 68. The MLP index added 1+ to the 226s & the REIT index was up another 2+ to the 502s. Junk bond funds continue strong while stocks are rising & Treasuries saw more selling bringing the yield on the 10 year Treasury up 9 basis points to 2.93%. Oil added 1+ to 104 & gold fell 10 to 1945.
AMJ (Alerian MLP index tracking fund)
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Initial jobless claims last week were a bit higher than expected but still reflective of a labor market where employers are loathe to lay off workers. First-time claims last week totaled 184K, a decline of 2K from the previous week but just ahead of the estimate for 182K, the Labor Dept reported. The numbers indicate the employment picture remains historically tight as job openings outnumber the available labor pool by about 5M. Continuing claims fell by 58K to 1.4M, the lowest level since Feb 1970. A separate economic report showed that manufacturing expanded in the Philadelphia area in Apr, but at a slower pace than expected. The Philadelphia Federal Reserve's monthly manufacturing index registered a 17.6 reading, representing the difference between companies seeing expansion versus contraction. That was a decline of nearly 10 points from Mar & below the estimate of 21.9. Measures of new orders, shipments, unfilled orders, delivery times & the average employee workweek showed declines from Mar. However, prices paid & prices received both increased, reflecting continued inflation pressures, while the number of employees index also gained.
Weekly jobless claims total 184,000, just above expectations in tight labor market
The US will send another $800M security package & an additional $500M in direct economic assistance to Ukraine as its military fights off a renewed Russian assault, Pres Biden said. “This is money the government can help use to stabilize their economy, to support communities that have been devastated by the Russian onslaught and pay the brave workers that continue to provide essential services to the people of Ukraine,” Biden said. The latest security package, which includes heavy artillery & tactical drones, comes as Western intelligence warns of an intensified Russian offensive in eastern & southern Ukraine following weeks of stalled ground advances on the capital city of Kyiv. Biden said he discussed the new security package, the eighth such installment, in-person with Ukrainian Prime Minister Denys Shmyhal at the White House. “With this latest disbursement, I’ve almost exhausted the draw-down authority I have that Congress authorized for Ukraine and a bipartisan spending bill last month,” Biden said, adding that he would send lawmakers a supplemental budget request next week. Biden's remarks come on the heels meeting yesterday with military commanders & national security officials for assessments on global threats as well as the ongoing war in Ukraine. Ahead of the meeting, Biden said US security assistance is flowing into the region daily & that allies are “stepping up and amplifying the impact of our response.”
Biden says U.S. will send $1.3 billion in additional military and economic support to Ukraine
Germany will stop oil from Russia by the end of the year, said German Foreign Minister Annalena Baerbock after a meeting with her Baltic counterparts yesterday. "I therefore say here clearly and unequivocally yes, Germany is also completely phasing out Russian energy imports," said Baerbock. "We will halve oil by the summer and will be at zero by the end of the year, and then gas will follow, in a joint European roadmap, because our joint exit, the complete exit of the EU, is our common strength."
Germany announces when it will end oil imports from Russia: minister
The employment picture continues to look good. New claims at or even under 200K indicate the economy has fairly full employment. But the war drags on, Treasury yields keep rising & more downward revisions for economic growth are common. Not good.
Dow Jones Industrials
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