As we head into the Memorial Day Weekend, we hope that you and your families can enjoy this time together and continue to stay safe and healthy.
We recently received a request from our local Boy Scout troop of which both my son's are part of, to read a small except on the real life accomplishments of veterans in our town. That reading would be recorded and sent to the families of those mentioned vets. In light of what is going on in the world today, it is nice to see that we can still remember and acknowledge the efforts and sacrifices of those in uniform.
Here's my market recap from last week:
Stocks drifted lower last week, weighed down by Federal Reserve Chairman Jerome Powell’s unsettling comments on the economy and signs of renewed tensions with China.
The Dow Jones Industrial Average fell 2.65%, while the Standard & Poor’s 500 retreated 2.26%. The Nasdaq Composite Index slipped 1.17% for the week. The MSCI EAFE Index, which tracks developed stock markets overseas, slid 3.66%.1,2,3
Stocks Pull Back
The stock market managed to find some firmer footing, posting a strong gain on Thursday. Stocks rallied again on Friday, overcoming headlines that suggested a souring relationship with China and a report that showed U.S. retail sales dropped 16.4% in April.4
Powell also referenced internal Fed research that found those least able to weather the current economic environment were most impacted, with nearly 40% of households making less than $40,000 per year having lost a job in March.6
THIS WEEK: KEY ECONOMIC DATA
THIS WEEK: COMPANIES REPORTING EARNINGS
Source: Zacks, May 15, 2020
1. The Wall Street Journal, May 15, 2020
2. The Wall Street Journal, May 15, 2020
3. The Wall Street Journal, May 15, 2020
4. CNBC.com, May 15, 2020
5. The Wall Street Journal, May 13, 2020
6. The Wall Street Journal, May 13, 2020
May 19, 2020 Weekly Market Insights: Powell Somber on Recovery
May 20, 2020