In this week’s recap, we find that U.S. stocks ended the week higher and at record highs after data indicated the U.S. economy is growing at a rapid clip & over the prospect of higher Q2 earnings, at the largest companies. Asian shares were mostly lower, as concerns over the spread of the Delta coronavirus variant have continued to dampen sentiment there. European stocks however moved higher in response to the new lower U.S. unemployment claims.
In the U.S. the number of people filing for unemployment benefits fell to 364K last week from 415K a week earlier, marking a new pandemic low. Applications for unemployment benefits have now fallen in 10 of the past 12 weeks. It is another sign that the American economy is rebounding, from the effects of the government-ordered business shutdowns.
Robinhood Markets, a hot investing app filed Thurs. for an IPO, which analysts expect will be about a $40B valuation. It had 18M funded accounts as of 03/ 31, with 17.7M monthly active users & $81B in assets under custody with +50% of its clients being 1st-time investors. Revenues grew 245% in 2020 to reach $959M. In Q1 2021, revenues grew 309% y/y although a $1.4B net loss was reported,
California to face energy problems in the coming months; Second quarter of US stocks ends positively; Free trade agreement with the U.S. would help Taiwan contain Chinese pressure; Facebook will not have to sell Instagram and WhatsApp; the UK bans Binance from operating in the country; Oil has fallen due to the expected increase in production; New generation of small nuclear reactors could be used in industrial processes; Emilio Flores is the oldest living person in the world; Canada & US Northwest now suffering from devasting wildfires (heat and drought).