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With Monday’s Memorial Day holiday, traders had fewer sessions this week to put money to work. However, the shortened trading week did not stop stocks from making some big moves. Traders continued to digest economic data, including key inflationary figures on the week. Inflation and the pace of growth in the economy continue to be of concern to investors. Worries about what the Fed will do with regards to policy changes have started to impact the market, and this week was no different. Other economic data – such as the health of labor and a slowing in manufacturing – also weighed on traders’ minds this week, causing some pretty big bouts of volatility and sharp movement among equities.
However, COVID-19 news proved to be positive this week. Several states have started easing their mask mandates for vaccinated individuals and consumers took to restaurants and shops in droves over the holiday weekend. Traders were hopeful that the pandemic and its effects may now be coming to a close.
Earnings this week were mixed. The sheer number of firms reporting has moved into a slow trickle. However, those earnings proved to stir up the markets during the shortened week. As did a few corporate actions, including stock sales and buyout announcements.
All in all, the shortened week proved to be a bouncy one, with stocks generally moving higher into Friday’s session.
Be sure to check out our previous Wrap here, when inflation fears took to the back burner.