Home   Logon   Portfolio Managers   Research and Commentary   About Us    Contact Us       Follow Us: 

Search by Ticker, Keyword or CUSIP       
Blog Home
Bob Carey
Chief Market Strategist
Click for Bio

Follow Bob on Twitter Follow Bob on LinkedIn View Videos on YouTube

  US Stock Markets Ended May 29, 2020
Posted Under: Weekly Market Commentary
Supporting Image for Blog Post

Equities moved higher for the week as economic activity starts to improve, and more states and businesses continue to reopen. The largest gains were posted by some of the past laggards as the rebound has rotated to the areas of the market that have been hit hardest, including small-caps, cyclicals and value stocks. The economy is starting to show some green shoots with durable goods orders falling less-than-expected and new home sales handily beating expectations. In addition, personal income rose by 10.5% as measures by the federal government have helped buoy the consumer through the current crisis. Corporate news included several discretionary stocks reporting results and updates from bellwethers at virtual conferences. Toll Brothers Inc. reported a 13% year-over-year gain in deposits for new homes in May, which tends to be a gauge of future demand. Shares of Workday Inc., which sells software in the cloud to help large corporations with their human capital management, gained over 7% following earnings as business activity has increased markedly versus four weeks ago and backlog remained strong. Jamie Dimon, CEO of JPMorgan Chase & Co., sent banks surging after commenting that "you could see a fairly rapid recovery". Looking ahead, the path of reopening different states, and tensions between China and the U.S. will be closely watched by investors. Next week's unemployment report will also be closely observed, which is predicted to show a 19.6% jobless rate. The rally in stocks, which has baffled many, could continue as markets tend to start to ratchet higher after data starts to bottom.
Posted on Monday, June 1, 2020 @ 8:37 AM • Post Link Share: 
Print this post Printer Friendly

These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
Search Posts
Market Commentary and Analysis
Market Commentary Video
Weekly Market Commentary
Weekly Market Watch
Monthly Talking Points
Quarterly Newsletter
Market Observations
Subscribe To Receive Email

US Economy and Credit Markets Ended May 29, 2020
A Snapshot Of The Growth In ETF/ETP Assets
How Stocks Have Fared Since Donald J. Trump Was Elected President
US Stock Markets Ended May 22, 2020
US Economy and Credit Markets Ended May 22, 2020
A Global Snapshot Of Government Bond Yields
A Snapshot of Growth vs. Value Investing
US Stock Markets Ended May 15, 2020
US Economy and Credit Markets Ended May 15, 2020
Many Investors Could Be Underweight U.S. Mid- & Small-Cap Stocks
Skip Navigation Links.
Search by Topic
Skip Navigation Links.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
First Trust Portfolios L.P.  Member SIPC and FINRA. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
Home |  Important Legal Information |  Privacy Policy |  California Privacy Policy |  Business Continuity Plan |  FINRA BrokerCheck
Copyright © 2023 All rights reserved.