On Friday, the BLS reported 2.5 million jobs were added in May. Yes, added.
NFP surprised the market with job gains and unemployment falling to 13.3%.
The S&P 500 and Nasdaq-100 gained ground for the 7th consecutive session yesterday.
The Nasdaq-100 is 1 – 1.5% from a new record high. According to the Financial Times, Amazon sold $10 billion worth of 3-year debt at 40-basis points yesterday.
A Federal Reserve balance sheet surpassing $7 trillion, essentially doubling since August, has completely disconnected stocks broadly from the economic carnage of the Covid-19 pandemic and now every major U.S. city in complete disarray.
U.S. benchmarks have pared early losses ahead of the bell, though still lingering in negative territory.
U.S. benchmarks finished yesterday on steady strength after whipsawing to start the intraday session.
An exuberant start to the week closed on a soft note yesterday after headlines reminded market participants the White House is mulling over sanctions on China for how they handled the Covid-19 outbreak.
Risk-assets are surging on the heels of the long Memorial Day weekend and signs that the worst of Covid-19 is behind us.
U.S equity benchmarks were paring overnight losses ahead of the bell and long Memorial Day weekend.