Financial News and Portfolio Management Discussion through June 5th

All the news you need to stay informed about what’s currently driving the market — courtesy of Raffa Wealth Management, LLC.

Stocks continued to climb over the week on solid economic news that didn’t stoke additional inflation fears. The S&P 500 was up 0.6% and Dow advanced 0.7% for the week. Abroad, the FTSE All World Ex US rose 0.6% for the week. The yield on the 10-year Treasury continued to ease over the week falling to 1.56% down from 1.59%.

US employers added 559,000 jobs in May, but the number fell short of economists’ projections. The unemployment rate fell from 6.1% to 5.8%.

China’s factory activity eased slightly in May, but was in line with expectations and the non-manufacturing sector improved.

India’s recent surge in coronavirus cases is receding, but a rebound is expected to take significant time due to job losses and lockdowns.

The ISM Purchasing Managers Index of manufacturing activity picked up pace in May and was ahead of expectations.

OPEC and its allies agreed to increase their output beginning in July.

The Fed will soon start to unwind its corporate bond and Corporate Bond ETFs it purchased last year as part of its emergency lending. It’s expected to unwind it’s holdings by the end of the year.

There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Wealth Management, LLC. This information was gathered from reliable sources but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated.
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