S&P 500 edges closer to record high
The S&P 500 neared an all-time high on Friday, as the benchmark Index rose. Despite data showing that consumer sentiment had fallen in the United States.
Figures released today, revealed the Consumer Sentiment Index from the University of Michigan fell to a reading of 82.9 in May from 88.3 last month.
In a statement which accompanied today’s release. Richard Curtin of the University of Michigan stated that. “Consumer confidence remained largely unchanged at the reduced level recorded at mid-month,“
He then added. “It is hardly surprising that the resurgent strength of the economy produced more immediate gains in demand than supply. Causing consumers to expect a surge in inflation.”
As of writing, the S&P 500 was trading 0.34% higher on the day.
UK approves J&J one-shot vaccine
News on Friday reported that the United Kingdom has officially approved the Johnson and Johnson 1-shot jab
The vaccine which is reported to be 67% effective in preventing infections. Will now be made available for distribution in Britain.
British Health Minister, Matt Hancock, today welcomed the news. Stating that, “As Janssen is a single-dose vaccine. It will play an important role in the months to come as we redouble our efforts to encourage everyone to get their jabs. Which will potentially begin a booster program later this year”.
There are now 4 vaccines in circulation in the UK. With over 38 million people receiving the first dose of one of these.
London’s FTSE 100 traded flat on the news.
Bitcoin down 10% in 24-hours
As the trading week came to a close, Bitcoin prices continued to trade lower. As the Cryptocurrency fell close to 10% in the last 24 hours.
The world’s largest cryptocurrency has now fallen by over 30% in the month of May. Taking it back to January levels.
BTCUSD, which has mainly been consolidating in recent weeks, fell to an intraday low of $35,272 in today’s session.
Many are now waiting to see if Elon Musk, and Tesla will change its recent position on the cryptocurrency. Hoping that this could send prices back towards record highs.
Ethereum was also down on Friday by reaching a low of $2,443.
Quote of the day – “Time is your friend; impulse is your enemy.”– John “Jack” Bogle (1929-2019)
Senior Market Analyst