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SP 500 looking to reach a new high as jobless claims lower

Consumer Spending Stalls But S&P 500 rises, Record High for Nike Shares

S&P 500 rises despite consumer spending stalling

The S&P 500 recorded yet another all-time high in today’s session, despite data showing that U.S. consumer spending had stalled last month.

Figures released today showed that consumer spending remained unchanged from April to May, with April’s number being revised up to an increase of 0.9%.

The services sector was one of the main gainers, with spending rising by 0.7%, which was led by the hospitality and accommodation sectors, as well as travel and utilities sectors.

In addition to spending, the University of Michigan inflation survey showed that consumers believed that the current rise in inflation was temporary and would ease by next year.

Indices in the U.S. continued a bullish week, with the S&P 500 climbing 0.28% as of writing, to set a new high.

Nike shares surge to record high

Nike shares rose to an all-time high on Friday, as the company reported its latest fiscal earnings.

The sportswear giant reported that for the quarter which ended May 31st, total revenue nearly doubled to $12.34 billion, after coming in at $6.31 billion a year earlier.

Friday’s figures handsomely beat Wall Street expectations by over $1 billion, resulting in the company’s shares trading up by as much as 14%.

Nike also projected that it expects sales revenue to top $50 billion in 2022, believing that the first half of next year will provide most of the growth as we fully move into a post-pandemic world.

John Donahoe, Nike’s CEO stated that “Fuelled by our momentum, we continue to invest in innovation and our digital leadership to set the foundation for Nike’s long-term growth”.

He added that “It’s important to note as we normalize our post-pandemic business and continue to reshape the marketplace, we do not expect quarter-by-quarter growth to be linear”.

FTSE 100 climbs as UK set to lift travel restrictions

The FTSE 100 rose for a second consecutive trading session, as it was announced that the UK government was preparing to lift travel restrictions.

It was reported that from next month, the UK plans to allow fully vaccinated Britons to travel without restrictions.

This comes as the United Kingdom has now vaccinated more than 40 million people, which has eased fears of the rapidly spreading Delta variant of the COVID-19 vaccine.

Grant Schapps, the British Travel Minister today stated that, “Thanks to our successful vaccination program, our intention is that later in the summer UK residents who are fully vaccinated will not have to isolate themselves when traveling from amber list countries“.

London’s FTSE 100 closed 0.37% higher on the news.

Quote of the day – “The stock market is filled with individuals who know the price of everything, but the value of nothing.”

– Phillip Fisher

Eliman Dambell

Senior Market Analyst
edambell@tvmarkets.com

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