The Long and Short of it, week ending 4 June 2021

Publication Type: Market Commentaries

U.S. stock markets moved higher again last week with gains mainly coming Friday on a holiday-shortened trading week. Thursday’s better-than-expected jobless claims and President Biden’s retraction of his proposed corporate tax hike increased expectations of strong economic growth, higher inflation and, as a result, increased concerns the Fed may act sooner than later to pare its accommodative monetary policy, pushing all three major stock indexes lower. Those losses, however, were recouped Friday following a payroll report showing good but below-expectations job growth and an unchanged labor participation rate. 10-year U.S. Treasury rates were little changed on the week but experienced increased volatility moving higher one day and then lower the next throughout the week. At week’s end, the S&P 500 Index increased 0.6% to 4,229.89, the Nasdaq Composite Index increased 0.5% to 13,814.49, the Dow Jones Industrial Average rose 0.7% to 34,756.39, the 10-year U.S. Treasury rate fell 2bps to 1.56% and the U.S. dollar (as measured by the ICE U.S. Dollar index - DXY) strengthened 0.1%.


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The Long and Short of it, week ending 4 June 2021

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