The Week 22 of 2021 US Stock Market and News Recap

By Larry C. Paxton

US Stock Market Indices Summary
Week 22 of 2021 Ending 06/04/21
	DJIA	NASDAQ	S&P500
Previous Year Close(12/31/20)	30,606.48	12,888.28	3,756.07
Previous Quarter Close(03/31/21	32,981.55	13,246.87	3,972.89
Previous Month Close(04/30/21)	33,874.85	13,962.68	4,181.17
Record Close Date	05/07/21	04/26/21	05/07/21
Record Close	34,777.76	14,138.78	4,232.60
Week 21	34,529.45	13,748.74	4,204.11
Week 22	34,756.39	13,814.49	4,229.89
Percent Change-Week	0.66%	0.48%	0.61%
Percent Change-Month	0.66%	0.48%	0.61%
Percent Change-Quarter	5.38%	4.28%	6.47%
Percent Change-YTD	13.56%	7.19%	12.61%
Percent Change-Record	-0.06%	-2.29%	-0.41%
The Stock Market Bull and Bear Tallies YTD
Week 22 Winner and Tally	Bull	3-0	Win
May Winner and Tally	Bull	2-1	Mixed Win
	Weeks	Months	YTD
The Stock Market Bull	10	3	Winning
The Stock Market Bear	7	0	Losing
Mixed Result	5	2
Totals	22	5

US Stock Exchanges Week 22 Summary:

On Monday the US stock exchanges were closed in observance of Memorial Day. The Stock Market Bear got a mixed result on a subdued start of a new month Tuesday. The Stock Market Bull took Wednesday on a equally quiet day. On Thursday The Stock Market Bear returned, won all 3 indices, with the NASDAQ having a particularly bad day. On Friday the US jobs report came out. The result was a lower than expected number, but it was still high enough for optimism to prevail. The Stock Market Bull comes from behind with a solid win on Friday to take a come from behind 3-0 victory for Week 22 and with the DJIA and S&P500 closing just below records.

Week 22 News Summary:

Coronavirus Pandemic: As of today, Friday, 06/04/21, at 1:23PM Eastern US, the John Hopkins University CSSE unit says there are now 172,315,808 confirmed cases globally with 3,705,200 deaths, +190,279 from last week, which is +109,551 from the prior week. For the US it is 33,337,659 confirmed cases and 596,910 deaths, +3,065 from last week, which is -1,645 from the prior week. Some states and businesses are offering creative incentives to get vaccinated. For example, California gave out its first round of 15 $50,000 rewards to vaccinated people in a lottery type model. President Biden is pushing for a 70% vaccination rate by July 4th, and Anheuser-Busch has responded by saying it provide a free beer to those aged 21+ when the goal is met. Ages 12 and up are now vaccination eligible, vaccines are readily available, and there will be a big promotional push with Vice President Kamala Harris in charge. The US is also making commitments to ship some vaccines to other countries based on infection rates and logistics.

US Federal Government: President Biden continues to meet with key Republicans regarding the infrastructure development plan and appears to be willing to make some major concessions to make something happen. This week he signaled that the proposed 28% corporate tax rate was negotiable and mentioned a 15% minimum rate as a compromise. Another round of discussions are scheduled for next week. The recent cybersecurity issues with businesses and governmental institutions are becoming a greater danger forcing the government to be more active in assessing the events, chasing down the bad actors, and bolstering security defenses.

US Economy: The US Dept of Commerce said Construction Spending was up +0.2% in April. IHS Markit and ISM manufacturing surveys indicated continued growth, but with concerns about supplier issues and hiring skilled people. The Federal Reserve Beige Book showed that the economy is being perceived as picking up. ADP said the private sector added 976,000 jobs in May, with a big percentage of that being from the Services Sector. These results corresponded with the IHS Markit and ISM services surveys. The US Dept of Labor said the US economy created 559,000 jobs in May, below expectations, but still a good number, and the unemployment rate fell from 6.1% to 5.8%. Weekly initial jobless claims fell to 385,000 at the end of May, another positive sign. Mortgage rates continued to be just below 3% for 30 year fixed mortgages. While potential inflation continues to be a concern for many, the Federal Reserve members continues to say that it is temporary and will moderate over the longer term.

Corporate News: Etsy(PBR921) is buying global fashion resale marketplace Depop for $1.6 billion. Southwestern Energy(PBR818) agrees to pay $2.7 billion for privately held natural gas producer Indigo Natural Resources. Blackstone(PBR441) is acquiring International Data Group for $1.3 billion. AMC Entertainment(PBR983) raises $587 million from a sale of 11.55 million shares through an offering in the continuing saga of meme stocks. Staples offers $1 billion to acquire Office Depot and OfficeMax consumer assets from parent ODP(PBR302). Kinder Morgan(PBR254) is acquiring Stagecoach Gas Services for $1.225 billion. CSX(PBR283) is doing a 3-1 stock split on 06/28/21. Trane Technologies(PBR236) President/COO Dave Regnery is to become CEO on 07/01/21. Chemours Company(PBR512) COO Mark Newman will become President/CEO on 07/01/21. Tyson Foods(PBR71) President/CEO Dean Banks has stepped down for personal reasons, COO Donnie King is his successor. Hillenbrand(PBR779) President/CEO Joe A. Raver is retiring at the end of 2021, EVP Kimberly K. Ryan is named successor. The GEO Group(PBR811) Chairman/CEO/Founder George C. Zoley to become Executive Chairman and board member Jose Gordo to become CEO on 07/01/21.

Society: It was a relatively quiet week, starting Monday with Memorial Day being commemorated across the US.

International News: Longtime Israel Prime Minister Benjamin Netanyahu continues to struggle to build a coalition government and is in danger of losing his position. June 4th marked the 22nd anniversary of the Tiananmen Square Incident in China.

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