Amazing Monday morning factoids: The S&P 500 Hasn’t been this far above its 50-DMA since 2009. 19 stocks in the S&P 1500 were up over 30% ON FRIDAY. Boeing BA finished the week up 40.5%. The average stock in the S&P 500 is up 54.7% since the March 23rd low. Just 8 stocks in the S&P 500 aren’t up more than 10% since the March 23rd low. They include KR WMT COST GILD and WBA. S&P 500 companies spent $198 billion in buybacks in the first quarter, up 9.3 percent sequentially. Since the March 23rd low, just one stock in the S&P 500 is down, and it’s COTY with a decline of just 1.36% – Bespoke.
Morning catch up. New Zealand: 1. First country benchmark in the Asia Pacific to reverse all losses this year 2. Country is lifting all remaining social distancing measures indicating it’s won its battle against covid.
Shares of Hong Kong retailers rallied on Monday after the Hong Kong government announced on Monday that eligible permanent residents will be able to apply for HK$10,000 cash handout from Jun 21 with the first payments to be made July 8. The government will keep an open mind on launching a fresh round of cash handouts, it said.
China’s passenger car retail sales grew 1.9% y/y in May to 1.64 mln units, rising for the first time in 11 months, said the China Passenger Car Association. The sales were 12.3% higher than a month earlier.
Banner Hospital (largest healthcare delivery system in Arizona) says ICU beds are nearing 100 percent capacity. Doctors urge people in the community to act now to reduce transmission of COVID-19 – @abc1. California, Utah, Arizona, North Carolina, Florida, Arkansas and Texas, among others, have all logged rises in confirmed cases, according to a Johns Hopkins tabulation of a five-day moving average – WSJ.
Wall Street analysts are gaming out the effect of Democrats winning the White House and rolling back the 2017 corporate tax cuts. GS says it would reduce its S&P 500 earnings estimate for 2021 by roughly $20 per share, from $170 to $150 – Bloomberg.
• For Friday, 6/5/2020, global markets increased $1.18 trillion, as the U.S. was up $0.81T. From the 2/19/20 high global stocks are down $4.39T (up $16.56T from recent 3/23/20 low) and the U.S. is down $2.02T ($9.71T). Global stocks have added over $20 trillion in value since the bottom just over two months ago.