Good evening, everyone.
Wall Street ramped last week. The S&P 500 gained nearly 5%, the Dow almost 7%, and the Russell 2000 jumped 8%.
The Fed will meet this week and will release its notes on the economy on Wednesday. In case you forgot, on April 29th the Fed said this,
The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
It did and the market responded positively. Since that statement the S&P 500 has gained 8.5%.
We shall see what Fed chair Jerome Powell has to say about the current status of the economy this time around.
Here’s the weekly chart of the S&P 500 and the weekly closes on the major indices:
Could Leisure Air Travel Rebound Faster Than Expected?
Chris Bryant over at Bloomberg makes the case that leisure air travel could come back much faster than is feared.
A month ago, United Airlines Holdings Inc.’s chief executive officer, Scott Kirby, lamented that there wouldn’t be a recovery in flying until attractions like Disney World and the Paris museums were open again.
Well, they will be soon. It’s already possible to visit the Acropolis in Athens and St Peter’s Basilica in Rome. Paris’s parks and museums are set to reopen from June. The French capital is usually swamped with tourists at this time of year, so there’s an incentive for travelers to get there first. Walt Disney World expects to reopen its Florida park from July, albeit with compulsory face masks and a ban on hugging your favorite Disney character.
This is part and parcel with the bull case for Airlines stock, which have heated up recently after getting bludgeoned. Note, Airline ETF $JETS was up 33% last week. Are airlines back? Place your bets…
Today on Stocktwits… #legend
My pops is such an OG. Even after being forced into retirement from his stroke he still studies for and renews his broker’s license while wielding an HP 12C. #legend
Professional Golf is Back.
The PGA TOUR will return to the tee on Thursday for Round 1 of the Charles Schwab Challenge. The event will be played at Colonial Country Club in Fort Worth, Texas and fans will not be present. We’re still pumped for it though.
Tiger isn’t playing which is always a shame, but the field is still stacked with talent.
For more info here’s the PGA TOUR.
Rory is the odds favorite to win at 15-2.
Sudden Solitude on One of the World’s Busiest Mountains
This map shows where on Earth humans aren’t
The Great Diamond Glut: Miners Stuck With Gems Worth Billions
The Week Ahead
And now a brief and well-organized look ahead at the trading week beginning Monday, June 8, 2020:
6/10 May Consumer Price Index (8:30 AM ET)
6/10 June FOMC Rate Decision (2:00 PM ET)
6/11 May Producer Price Index (8:30 AM ET)
Here’s the full Economic Calendar provided by Briefing.
Here’s Earnings Whispers’ great visual.
Be sure to know when your stocks are reporting. Here’s the full earnings calendar.