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Bob Carey
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  US Stock Markets Ended May 28, 2021
Posted Under: Weekly Market Commentary

 
Equity markets climbed higher as positive economic results from consumption to employment continued to fuel economic growth expectations for 2021. Large cap names rallied 1.20% while their small and mid cap counterparts rallied 1.43% and 2.15% respectively. This trend has been rolling all year as the large cap S&P 500 returned 12.61% YTD compared to the mid cap S&P 400 18.81% and the small cap S&P 600 23.14%. Earnings season wound down as 489 of the S&P 500 names have reported quarterly results. According to Bloomberg, those 489 names averaged a 23.08% earnings surprise and 3.93% sales surprised compared to analyst estimates. Last quarter there was a 15.5% earnings surprise and a 2.57% sales surprise compared to estimates. That is a sizeable jump in quarterly results compared to Wall Street expectations. Last week, Salesforce.com announced quarterly earnings and revenue well ahead of street expectations. Management credited their Service Cloud offerings with driving the positive results. Their stock was up 6.97% last week as they raised sales and operating guidance for the rest of their fiscal year. Ulta Beauty Inc. also announced quarterly results as their 1Q comparable sales jumped 65.9% vs analysts expectations of 39.2%. The CEO credited Ulta's success on strong sales trends, market share gains and positive consumer sentiment as the stock returned 9.26% last week. The three major U.S. cruise lines in the S&P 500 Royal Caribbean Cruises, Norwegian Cruise Line and Carnival Corp. averaged a 10% return last week after it was announced that Florida and Texas have approved the industry to set sail again in June. Looking ahead to next week, U.S. equity markets are closed Monday in honor of Memorial Day. Later in the week OPEC+ is expected to announce their level of oil production in the face of improving global demand and there are several U.S. employment announcements that will reveal how strong jobs are recovering.
Posted on Tuesday, June 1, 2021 @ 8:09 AM • Post Link Share: 
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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.
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