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As Brazil sees record deaths, Bolsonaro proclaims: Death is 'everyone’s destiny'
TOGETHER WITHGood morning. On this 76th anniversary of D-Day, we remember the American heroes who gave their lives on June 6, 1944.- Programming note: In light of the ongoing protests over racial inequality, we are hitting pause on our Saturday “New Normal” series discussing the impact of the coronavirus on various industries.
- We’ll leave you with the next best thing: a regular ol’ Brew.
MARKETS
NASDAQ9,814.08+ 2.06%S&P3,193.93+ 2.62%DJIA27,110.98+ 3.15%GOLD1,688.30- 2.26%10-YR0.902%+ 7.40 bpsOIL38.96+ 4.14%*As of market close- Markets: Wow. Wow! The Nasdaq came all the way back to hit a record high, while the S&P and Dow also had themselves a Summer Friday to remember. What happened? You’ll see in just a sec.
- Currency: The U.S. dollar has been stealthily sliding and should get at least some of the credit for the stock market’s rally, argues MarketWatch.
Mr. Krabs is confused and so are weU.S. employers added 2.5 million jobs in May and the unemployment rate dropped to 13.3% from 14.7% in May.It might be the biggest upset since Appalachian State knocked off Michigan. Many economists predicted the unemployment rate would surge to 20% or more given the wide-scale destruction COVID-19 inflicted on the economy.Instead, May gave us the biggest monthly jobs gain on record.Let’s dive into the numbers…
- By industry: Hotels and restaurants, which suffered the worst of the damage from lockdowns, added 1.2 million jobs in May after losing 7.5 million in April. Retailers also tacked on 368,000 jobs following dramatic cuts.
- By race: The unemployment rate among African Americans and Asians ticked up in May; for white and Latino workers it decreased.
- By gender: Women, who had been making historic gains in the job market pre-pandemic, have been disproportionately hurt by this economic crisis. In May, the employment rate for women was 14.5%, compared to 12.2% for men.
What to make of it all?
Experts say the labor market is on a sugar high from the trillions in government stimulus that was poured in to blunt the economic impact of the shutdowns. And all good highs wear off eventually...- Many of May’s job gains can be attributed to businesses calling up the employees they laid off and telling them to come back to work once they got the green light from the government.
- 21 million workers are still unemployed, the unemployment rate is at a level not seen since 1940, and the emergency government aid will gradually wear off.
Bottom line: Economists are giving their crystal balls an extra scrub this weekend, but they’re certain a full recovery in the labor market is years away.+ Bonus: 2020 will be remembered for a lot of reasons, but one of them will be for giving us charts that look like this.AxiosSOCIAL MEDIA
Leading by Leaving
Paul Kane/Getty Images—Reddit cofounder Alexis Ohanian.
Yesterday, Ohanian resigned from the company's board and urged it to replace him with a black candidate. He said he'll use future gains on his Reddit stock to "serve the black community," and pledged $1 million to Colin Kaepernick’s Know Your Rights Camp.Zoom out: Reddit, like its big brothers Facebook and Twitter, has found itself at the center of censorship debates.- Former Reddit President Ellen Pao criticized Reddit’s current CEO Steve Huffman for not shutting down r/The_Donald, the Reddit channel for Donald Trump supporters. "You don't get to say BLM when reddit nurtures and monetizes white supremacy and hate all day long," she tweeted.
- Huffman has said the company is exploring solutions, while Republican lawmakers threatened legal action if the company censors the channel.
Ohanian, who is married to tennis icon Serena Williams, is trying to stay above the fray. “I’m writing this as a father who needs to be able to answer his black daughter when she asks: ‘What did you do?’” he wrote on his blog.INVESTING
Day Traders > Paid Traders
Giphy/Toby HowellAs the stock market bounces back in historic fashion, a noticeable gap has emerged between the relative hype levels of individual and institutional investors.- In a Financial Times/Savanta poll, 71% of U.K.-based wealth managers said their clients bought stock after the market plunged.
- Contrast that with views of the managers themselves—only 4% think the FTSE 100 (the benchmark U.K. stock index) will rise above a certain level this year.
Just look at airlines
JETS, the once-tiny exchange-traded fund (ETF) tracking major airlines, has seen a massive inflow of money from day traders since the coronavirus pandemic sent airline stocks spiraling in March.- The number of Robinhood users holding JETS grew to nearly 30,000 this past week, pushing the fund past $1 billion in assets.
- Meanwhile, Warren Buffett dropped all his U.S. airline stocks during the pandemic.
Bottom line: The WSJ argues that memories of 2009’s stock rally have individual investors keen to “buy the dip” this time around. And with trading apps like Robinhood skyrocketing in popularity, hordes of eager investors are just a few taps away.SPONSORED BY CHRISTOPHER CLOOS
Through Our Lenses, You’re a Pop Star
When you pop on a pair of Christopher Cloos frames, you probably won’t transform into international pop star Robin Thicke.But to us? You’ll be certified glasses gold.These Danish frames are minimalistic, tastefully retro, reasonably priced, and yes, the choice of both pop stars and folks in flowery dresses wading into the tranquil blue waters of...the Mediterranean? Let’s go with that.Cloos makes shades with unbreakable spring hinges. Read: Don’t worry about sitting on them. Ironically, their high-quality, polarized lenses aren’t polarizing at all. People love ’em.If your job doesn’t allow you to wander forever around aesthetically pleasing bodies of water, Cloos also makes blue-light lenses that help ease the eye-strain, headaches, and insomnia that can come with staring at screens all day.You’re a Danish glasses-wearing star. Or, you can be once you order some Cloos frames with our exclusive 20% discount code, “TMB20."TELECOM
Everyone’s Gung-Ho for Jio
Like Adam Sandler’s dramatic acting abilities, India's Jio Platforms has gone from under-the-radar to the talk of the town.Yesterday, a group led by private equity firm Silver Lake Partners agreed to invest an additional $602 million in Jio on top of the $750 million investment Silver Lake already made last month. Jio is the digital arm of Reliance Industries, an Indian conglomerate and the country's most valuable firm.- This news comes on the heels of Abu Dhabi’s sovereign wealth fund investing $1.2 billion in Jio on Thursday...which comes on the heels of a $1.5 billion investment from private equity firm KKR in May...which comes on the heels of Facebook pouring in $5.7 billion in April.
What's all the fuss?
Jio is an entry point into India’s telecom market which is, in a word, ginormous—its 600 million internet users is second only to China.- Jio bet big on providing cheap 4G service for customers, but the more than $12 billion it’s raised in the past two months shows that investors are also interested in its e-commerce, payments, and 5G potential.
Bottom line: Remember the name.ENVIRONMENT
Checking In on the Climate...
NOAAOof. You’d think our two months of jigsaw puzzles and Rube Goldberg machines would show up in pollution measurements, but not really—CO2 levels in the atmosphere hit a fresh record in May at the Mauna Loa Observatory in Hawaii.- “The buildup of CO2 is a bit like trash in a landfill. As we keep emitting, it keeps piling up,” said geochemist Ralph Keeling.
- “The crisis has slowed emissions, but not enough to show up perceptibly at Mauna Loa. What will matter much more is the trajectory we take coming out of this situation.”
+ If you’re looking to get away from it all...head to the Southern Ocean directly south of Australia. There, scientists have discovered the “cleanest” air on Earth, completely free of aerosols generated by human activity.WHAT ELSE IS BREWING
- Michael Jordan and Jordan Brand pledged $100 million to organizations fighting for racial equality and social justice.
- The U.S. is allowing two flights per week from Chinese passenger airlines following a trade dustup with Beijing.
- Uber Eats will promote black-owned businesses on its app and waive delivery fees at those spots for the remainder of the year.
- ICYMI: There was a massive fuel oil spill in Russia over a week ago and Vladimir Putin is faulting the billionaire owner of a nickel company.
- Brooks Brothers’s financial health is uncertain, at best.
SPONSORED BY THE MOTLEY FOOL
We’re pretty bookish. So when we were brainstorming the next installment in our Ultimate Guide to Investing, we asked some of the brightest Fools from The Motley Fool if they had any book recommendations. And boy did they. Whether you’re new to investing or not, this reading list can help you master the market. We know we’re biased, but we think our Investor’s Book Guide is a real page turner.
ALL LIVES MATTER . June 06 FEATURED BIOGRAPHY Diego Velázquez READ MORE FEATURED EVENT 1944 Normandy Invasion begun READ MORE POLICE LIVES MATTER
MORE EVENTS ON THIS DAY 2015: American Pharoah won the Belmont Stakes, becoming the first Thoroughbred in more than 35 years to capture horse racing's Triple Crown. [ Take our quiz about famous horses.] 2004: For her performance in A Raisin in the Sun, Phylicia Rashad became the first African American to win a Tony Award for best actress. [ Test your knowledge of theatre.] 1956: Swedish tennis player Björn Borg, who was considered one of the sport's greatest competitors, was born. [How much do you know about tennis?] 1982: Israel invaded Lebanon and subsequently defeated the Palestine Liberation Organization (PLO), the Syrian armed forces, and assorted leftist Lebanese groups. [ Take our quiz about the Middle East.] 1968: U.S. Senator Robert F. Kennedy died of a bullet wound from assassin Sirhan Sirhan . 1934: The Securities and Exchange Commission (SEC)—a U.S. regulatory agency—was established. SEE ALL EVENTS ON THIS DAY ALSO BORN ON THIS DAY 1967 Paul Giamatti
American actor1799 Aleksandr Pushkin
Russian author1872 Alexandra
empress consort of Russia1875 Thomas Mann
German author1901 Sukarno
president of Indonesia1956 Björn Borg
Swedish tennis playerSEE ALL BIOS ON THIS DAY JESUS LOVES ALL LIVES
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