Evening Headlines

Bloomberg:         

• Charting Global Economy: Confidence in European Recovery Grows.
• White House Budget Shows Focus on Wealth Redistribution, Not Growth.
  
• U.S. Corporate Bond Spreads Hit 14-Year Low as Economy Resurges.
  
• The U.S. Has Reached ‘Peak Recovery’ and Markets Have Taken Notice.  
  
• Restaurant Groups Sue to Block NYC Worker Protection Laws.  
• Texas Hospital Staff Says Vaccine Mandate Breaks Nuremberg Code.  
• Fed Admonishes Deutsche Bank for Ongoing Compliance Failures.
• SEC Sues Five BitConnect Promoters Over $2 Billion Scheme.
• Bitcoin Slumps as Traders Brace for a Volatile Long Weekend. 
• Stocks End Month Near Peak Buoyed by Growth Hopes: Markets Wrap.
• Oil Posts Best Week Since April on Eve of Summer Travel Season.

Wall Street Journal:

• Biden Unveils $6 Trillion Federal Spending Blueprint.
• Amgen Wins Approval for Pathbreaking Lung Cancer Drug.
• Biden Is the $6 Trillion Man.
• Get Ready for $5 Gasoline if You Live in California—or if You Don’t.
• NYT: Biden Plans Middle-Class Tax Hike.
• India’s Covid Surge Hit Young Patients Hard and Fast.
• CDC Relaxes Guidance for Teens in Summer Camp.
  

CNBC:

• Tesla starts using cabin cameras to make sure drivers are paying attention.
• S&P 500 gains slightly to wrap up 4th straight positive month, sits less than 1% from record high.
• AT&T hired ally of Commerce Secretary Raimondo to lobby Biden’s infrastructure plan.
• Costco is seeing inflation abound, impacting a slew of consumer products.
• Senate Democrats prepare to work on Biden infrastructure plan ‘with or without’ Republicans.

IG:

• Weekend Markets Trading Live.

MarketWatch.com:         

• A ‘bloody crypto’ Memorial Day weekend? Some bitcoin bulls are dreading the long U.S. holiday break.
  
• USPS plans to raise stamp price to 58 cents this summer.

Fox News:

• Harris' punchlines bomb at Naval Academy graduation.
  

Newsmax: 

• Scientists From Wuhan Lab Claimed They Were Bitten on the Job by Bats.
• Rasmussen Poll: Most Say COVID Came From Lab, Back Probe.
• Rep. Dan Bishop to Newsmax: 'Biden Is Compromised by China'.
• Joni Ernst: 'Laughable' for Fauci to 'Plead Ignorance' About Wuhan Institute.
  

Zero Hedge:

• Fauci In 2012: Gain-Of-Function Research 'Worth Risk Of Lab Accident Sparking Pandemic'.
• Daily Caller Sues Racist Chicago Mayor For Blacklisting White Journalists.
• "Next Level Dystopian Sh*t": Amazon Rolls Out Portable Panic Booth For Warehouse Employees To Collect Themselves.
• Trump-Era 1776 Commission Opposes Funding For "Teaching Of Racial Discrimination" In Schools.
• US Embassies Worldwide Are Flying BLM Flags This Week.
• Oregon Is Proof That Leftist Politics Ultimately Lead To Tyranny And Decay.
• Japan Extends State Of Emergency As Support For Canceling Olympics Rises.
• Senate Unanimously Approves Amendment Banning Chinese Gain-Of-Function Research.
• China Warns Australia's Military Is "Weak", Will Be "First Hit" In Any War With Western Alliance.
• "Transitory" Retail Buying Frenzy: Money Market Funds See Massive Inflows As Investors Turn Defensive.
• To Protect Your Liberty, Smash The Total Virus-Elimination Narrative.
• What's Going On With Mexican Politics? 88 Mayoral Candidates Murdered, 18 Register As Trans Women For "Gender Parity".
•  Orange County DA Joins Opposition To Early Release Of 76,000 Prisoners.
• "Shame, Shame, Shame" - Trump Laments Memorial Day Drivers Facing Highest Gas Prices In Seven Years.
• Taibbi: So Much For "Transformational" Joe Biden.
• Bullion Best In May As Tech Wrecks; Bitcoin's Biggest Bust In A Decade.
  

TheGatewayPundit.com:

• Dominion was Onsite During Maricopa County’s EAC February Audits.
• Joe Biden Flirts with Little Girl at Virginia Speech, “I Love Those Barrettes in Your Hair… She Looks Like She’s 19 Years Old… With Her Legs Crossed” (Video).
• Former State Department Employee Under Pompeo Claims Their Research Showed a “1 in 13 Billion” Chance that the China Coronavirus (COVID-19) Evolved in Nature.
• BREAKING: Effort to Open Debate on Bill to Create January 6 Commission Fails in the Senate – Here are the Republicans Who Voted with Democrats.

The Epoch Times:

• US Bans Seafood Imports From Chinese Fleet That Engages in ‘Modern Slavery’.

Digital Blackboard:

• Daily New Cases by Region.

Worldometer:

• New Cases/Deaths by state.

Rt Covid-19:

• How fast virus is growing by state.

KFF:

• State Data(Tests/Hospitalizations).

Weekly Scoreboard*

S&P 500 4,213.01 +1.39%*

 

 

 

 

 

 

 

 

 

 

 

 

The Weekly Wrap by Briefing.com. 

Indices

• DJIA 34,563.18 +1.1%

• NASDAQ 13,780.40 +2.3%

• Russell 2000 2,270.93 +2.7%

• S&P 500 High Beta 76.77 +3.3%

• Goldman 50 Most Shorted 317.22 +9.7%

• Wilshire 5000 43,911.58 +1.59%

• Russell 1000 Growth 2,581.87 +1.99%

• Russell 1000 Value 1,586.43 +1.0%

• S&P 500 Consumer Staples 726.60 -.26%

• MSCI Cyclicals-Defensives Spread 1,401.30 +2.4%
  

• NYSE Technology 3,937.54 +3.8%

• Transports 15,731.50 +1.8%

• Utilities 897.44 -1.4%

• Bloomberg European Bank/Financial Services 74.9 +1.4%

• MSCI Emerging Markets 54.88 +3.0%

• HFRX Equity Hedge 1,414.50 +.55%

• HFRX Equity Market Neutral 946.45 -.16%

Sentiment/Internals

• NYSE Cumulative A/D Line 474,171 +.86%

• Bloomberg New Highs-Lows Index 592 +323

• Crude Oil Commercial Bullish % Net Position -37.4 +4.8%

• CFTC Oil Net Speculative Position 475,947 -4.2%

• CFTC Oil Total Open Interest 2,458,804 +.59%

• Total Put/Call .67 -21.4%

• OEX Put/Call 1.88 +6.8%

• ISE Sentiment 115.0 -17.0 points

• NYSE Arms .99 +45.9% 
• Bloomberg Global Risk-On/Risk-Off Index 3,559.0 +423.0 points
  

• Volatility(VIX) 15.9 -20.2%

• S&P 500 Implied Correlation 48.5 -11.4%

• G7 Currency Volatility (VXY) 6.3 -1.1%
  

• Emerging Markets Currency Volatility (EM-VXY) 9.2 +.66%

• Smart Money Flow Index 14,568.13 -2.67%

• ICI Money Mkt Mutual Fund Assets $4.609 Trillion +1.49%

• ICI Domestic Equity Long-Term Mutual Fund/ETFs Weekly Flows -3.180 Million

• AAII % Bulls 36.4 -1.6%

• AAII % Bears 26.3 +.4%

Futures Spot Prices

• CRB Index 205.68 +2.8%

• Crude Oil 66.37 +4.7%

• Reformulated Gasoline 214.02 +4.1%

• Natural Gas 2.98 +3.6%

• Heating Oil 204.5 +3.3%

• Gold 1,901.71 +1.15%
• Silver 27.85 +1.2%
  

• S&P GSCI Industrial Metals Index 475.49 +3.8%

• Copper 466.70 +3.5%

• US No. 1 Heavy Melt Scrap Steel 505.0 USD/Metric Tonne -.39%

• China Iron Ore Spot 188.5 USD/Metric Tonne -2.5%

• Lumber 1,323.70 -8.8%

• UBS-Bloomberg Agriculture 1,247.69 +1.4%
• US Gulf NOLA Potash Spot 362.0 USD/Short Ton +4.9%
  

Economy

• Atlanta Fed GDPNow Forecast +9.3% -.8 percentage point
  

• ECRI Weekly Leading Economic Index Growth Rate +23.5% -.3 percentage point
  
• Bloomberg US Recession Probability Next 12 Months 10.0% unch.
  

• NY Fed Real-Time Weekly Economic Index +11.4 -.18%

• US Economic Policy Uncertainty Index 16.7 -80.3%

• S&P 500 Blended Forward 12 Months Mean EPS Estimate 196.86 +.73%

• Citi US Economic Surprise Index 4.4 -10.3 points

• Citi Eurozone Economic Surprise Index 154.7 +12.6 points

• Citi Emerging Markets Economic Surprise Index 54.0 -2.1 points

• Fed Fund Futures imply 89.0% chance of no change, 11.0% chance of rate hike on 6/16

• US Dollar Index 90.02 -.05%

• MSCI Emerging Markets Currency Index 1,749.15 +.70%
  

• Bitcoin/USD 36,084.0 +2.9%

• Euro/Yen Carry Return Index 138.39 +.90%

• Yield Curve 147.0 -1.0 basis point
  

• 10-Year US Treasury Yield 1.59% -3.0 basis points
  

• Federal Reserve's Balance Sheet $7.864 Trillion -.25%

• U.S. Sovereign Debt Credit Default Swap 9.47 +.11%

• Illinois Municipal Debt Credit Default Swap 137.97 unch.
  

• Italian/German 10Y Yld Spread 110.0 -6.0 basis points
  

• China Sovereign Debt Credit Default Swap 37.15 -6.9%
  

• Brazil Sovereign Debt Credit Default Swap 171.87 -3.95%
  

• Israel Sovereign Debt Credit Default Swap 45.10 +.96%

• South Korea Sovereign Debt Credit Default Swap 18.41 -2.7%

• Russia Sovereign Debt Credit Default Swap 96.74 +3.9%

• China Corp. High-Yield Bond USD ETF(KCCB) 39.40 +.25%

• 10-Year TIPS Spread 2.45% +1.0 basis point

• TED Spread 12.75 -2.5 basis points

• 2-Year Swap Spread 8.5 -1.5 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -1.25 unch.

• N. America Investment Grade Credit Default Swap Index 50.72 -3.2%
  

• America Energy Sector High-Yield Credit Default Swap Index 317.0 -2.5%

• European Financial Sector Credit Default Swap Index 58.75 -3.8%
  

• Emerging Markets Credit Default Swap Index 160.07 -2.1%
  

• MBS 5/10 Treasury Spread 64.0 +.25 basis point
  
• Markit CMBX BBB-6 71.75 unch.

• M2 Money Supply YoY % Change 18.0 unch.
  

• Commercial Paper Outstanding 1,189.0 -.8%

• 4-Week Moving Average of Jobless Claims 458,750 -9.1%

• Continuing Claims Unemployment Rate 2.6% -10.0 basis points
  

• Average 30-Year Mortgage Rate 2.95% -5.0 basis points

• Weekly Mortgage Applications 693,700 -4.2%

• Bloomberg Consumer Comfort 53.8 -1.5 points

• Weekly Retail Sales +13.2% +20.0 basis points

• Nationwide Gas $3.04/gallon unch.

• Baltic Dry Index 2,688 -6.3%

• China (Export) Containerized Freight Index 2,296.36 +3.6%

• Oil Tanker Rate(Arabian Gulf to U.S. Gulf Coast) 20.0 unch.
• Truckstop.com Market Demand Index 195.81 -14.0%

• Rail Freight Carloads 286,547 -1.6%

Best Performing Style

• Small-Cap Growth +3.1%

Worst Performing Style

• Large-Cap Value +1.0%
  

Leading Sectors

• Gaming +6.3%

• Homebuilding +5.5%
  

• Alt Energy +5.3%

• Shipping +5.0%

• Semis +4.5%
  

Lagging Sectors

• Papers -.7%
  

• Pharma -1.3%

• Utilities -1.4%

• Education -2.5%

• Tobacco -2.9%

Weekly High-Volume Stock Gainers (20)

• WBT, VEEV, BCRX, SVC, OLLI, MOD, BBBY, CRM, BMBL, CRCT, FUV, ULTA, FUV, NVDA, STAA, SNCY, SPCE and BNFT
  

Weekly High-Volume Stock Losers (1)

• CVI
  

ETFs

• High-Volume Gainers

• High-Volume Losers

Stocks

• High-Volume Gainers

• High-Volume Losers

*5-Day Change

Stocks Rising into Afternoon on Economic Optimism, Stimulus Hopes, Earnings Outlooks, Tech/Biotech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 16.1 -3.9%
• Bloomberg Global Risk On/Risk Off Index 3,519.0 +70.0 points

• Euro/Yen Carry Return Index 134.80 +.05%

• Emerging Markets Currency Volatility(VXY) 9.16 +.66%

• S&P 500 Implied Correlation 47.8 +.2%

• ISE Sentiment Index 117.0  -1.0 point
  

• Total Put/Call .66 -5.7%

• NYSE Arms .95 +4.4%

Credit Investor Angst:

• North American Investment Grade CDS Index 50.70 -.96%
  

• US Energy High-Yield OAS 436.0 -.02%

• European Financial Sector CDS Index 58.36 -1.0%

• Italian/German 10Y Yld Spread 110.0 -1.0 basis point
  

• Asia Ex-Japan Investment Grade CDS Index 85.77 -.44%
  

• Emerging Market CDS Index 160.07 +.03%
  

• China Corp. High-Yield Bond USD ETF(KCCB) 39.40 +.25%

• 2-Year Swap Spread 8.5 +.25 basis point

• TED Spread 12.75 -.5 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -1.0 unch.
  
• MBS  5/10 Treasury Spread  62.25 -1.25 basis points
  
• IHS Markit CMBX BBB- 6 71.75 -.25 basis point
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 61.38 +.12%
• 3-Month T-Bill Yield .01% unch.
  

• Yield Curve 147.0 +4 basis points
  

• China Iron Ore Spot 188.50 USD/Metric Tonne +2.3%

• Citi US Economic Surprise Index 4.4 +1.1 points

• Citi Eurozone Economic Surprise Index 154.70 +10.0 points
  

• Citi Emerging Markets Economic Surprise Index 54.0 +2.3 points

• 10-Year TIPS Spread 2.45 +1.0 basis point
• 89.0% chance of no change at Sept. 22nd meeting, 89.0% chance of no change at Nov. 3rd meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -59 open in Japan 
• China A50 Futures: Indicating -21 open in China

• DAX Futures: Indicating -9 open in Germany

Portfolio:

• Higher: On gains in my technology/commodity/industrial/biotech/medical sector longs
  

• Disclosed Trades: None
  

• Market Exposure: 100% Net Long
  

Morning Market Internals

NYSE Composite Index:

• Volume Running +13.6% Above 100-Day Average 
• 8 Sectors Rising, 3 Sectors Declining
• 51.2% of Issues Advancing, 44.2% Declining
• 149 New 52-Week Highs, 12 New Lows
• 87.8% of Issues Above 200-day Moving Average
• Average 14-Day RSI 52.2%
  
• Bloomberg Global Risk-On/Risk-Off Index 3,506.0 +57.0 points
• Vix 16.5 -1.5%
• Total Put/Call .68 -2.9%
• TRIN/Arms 1.08 +18.7%