Succinct Summation of Week’s Events for 6.5.20 (plus How the World Now Sees Us)

Below is the weekly summation, the big positives being that the indexes had a remarkably good week and that unemployment came in much lower than expected (though on Saturday, the government is already reporting that they got it wrong and that, instead of the number being 13.3%, it's probably closer to 16.6%. It happens so often that they revise reports; why don't they just wait a day or two to make sure they've got accurate numbers? But in light of the revisions, expect a sell off tomorrow.)


The big negative, as has been the case for a while, is the highly unpopular (and arguably unconstitutional) actions being taken by Trump against the peaceful protests.  The bonus this Sunday night ties directly into this latter point.  Today Barry Ritholtz posted this video on YouTube demonstrating how the country's standing in the world has taken a drubbing in the last few years.  It is well worth the ten minutes.  The weather has been so beautiful this weekend; we have one more day of it.  Enjoy!


Succinct Summation of Week’s Events for 6.5.20

June 5, 2020 5:00pm by Barry Ritholtz

Succinct Summations for the week ending June 5th, 2020

Positives:

1. Nasdaq reach all time highs, and the S&P500 turned positive for the year.
2. Non-farm payrolls rose 2.509M m/o/m, above expected 7.73m loss.
3. Unemployment rate is at 13.3%, below the expected 19.8%.
4. Home mortgage apps rose 5.0% w/o/w after the previous 9% increase.
5. PMI Services Index came in at 37.5 for May, above the expected 36.9.
6. ISM Non-Mfg Index came in at 45.4 for May, above the expected 44.0.

Negatives

1. US Police widely engaged in unlawful, unconstitutional actions, violently disrupting numerous peaceful protests around the country at the behest of POTUS. Sad!
2. ADP reported -2.76 million private sector jobs in May
3. Jobless claims fell from 2.126M to 1.877M w/o/w, above expectations
4. Home mortgage refinance apps fell 9.0% w/o/w
5. Construction spending fell 2.9% m/o/m
6. Factory orders fell 13.0% m/o/m
7. Same store sales fell 7.2% w/o/w

6-7-20 How the World Now Sees Us - The Big Picture

6-7-20 How the world now sees us - YouTube

How the World Now Sees Us

June 7, 2020 6:49pm by Barry Ritholtz

International observers, both America’s friends and adversaries, discuss the rise of anger, unrest and polarization in the United States – a nation, they say, that is relinquishing its global leadership and turning its back on the world. Special contributor Ted Koppel talks with Chinese journalist Liu Xin; Economist editor-in-chief Zanny Minton Beddoes; writer-philosopher Bernard-Henri Lévy; former Mexican cabinet official Jorge Castañeda; and Russian broadcaster Vladimir Pozner about what the past four years have meant for our country in the eyes of the world.

How the World Now Sees Us

Source: CBS