27/05/20 beige book

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LAST CHG %CHG
DJIA 25256.65 261.54 1.05
S&P 500 2998.86 7.09 0.24
Nasdaq Composite 9261.47 -78.75 -0.84
Japan: Nikkei 225 21419.23 148.06 0.70
UK: FTSE 100 6144.25 76.49 1.26
Crude Oil Futures 33.37 -0.98 -2.85
Gold Futures 1702.90 -2.70 -0.16
Yen 107.73 0.19 0.18
Euro 1.0976

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U.S. Officially Declares That Hong Kong Is No Longer Autonomous
‘It is now clear that China is modeling Hong Kong after itself,’ said Secretary of State Mike Pompeo

By Updated May 27, 2020 12:31 pm ET

Secretary of State Mike Pompeo
Photo: Nicholas Kamm/Associated Press
WASHINGTON—The State Department has officially determined that Hong Kong is no longer autonomous from China, Secretary of State Mike Pompeo said in a statement Wednesday that holds implications for the future of economic ties and could lead to sanctions against China.

The State Department is required by the Hong Kong Policy Act to assess the autonomy of the territory from China. It certified to Congress on Thursday that Hong Kong is no longer autonomous.

“This decision gives me no pleasure. But sound policy-making requires a recognition of reality,” Mr. Pompeo said in the statement. “It is now clear that China is modeling Hong Kong after itself.”

Write to Jessica Donati at jessica.donati@wsj.com

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https://www.wsj.com/articles/elon-musks ... 08?mod=mhp

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LAST CHG %CHG
DJIA 25350.81 355.70 1.42
S&P 500 3017.78 26.01 0.87
Nasdaq Composite 9373.61 33.39 0.36
Japan: Nikkei 225 21419.23 148.06 0.70
UK: FTSE 100 6144.25 76.49 1.26
Crude Oil Futures 32.56 -1.79 -5.21
Gold Futures 1710.90 5.30 0.31
Yen 107.69 0.15 0.14
Euro 1.0990 0

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Here’s what happened to the stock market on Wednesday
PUBLISHED WED, MAY 27 20204:09 PM EDT
Fred Imbert
@FOIMBERT
New York Stock Exchange (NYSE) building is seen with the Fearless Girl Statue during Covid-19 pandemic in Lower Manhattan, New York City, United States on May 26, 2020.
New York Stock Exchange (NYSE) building is seen with the Fearless Girl Statue during Covid-19 pandemic in Lower Manhattan, New York City, United States on May 26, 2020.
Tayfun Coskun | Anadolu Agency | Getty Images
Dow Jones Industrial Average rises 553 points

The Dow gained 553.16 points, or 2.21%, to close at 25,548.27. The S&P 500 advanced 1.48% to 3,036.13. The Nasdaq Composite climbed 0.77% to 9,412.36. Bets on the economy reopening mounted once again, lifting stocks that benefit from it.

‘A rotation we should get used to’

Stocks such as Gap, JPMorgan Chase and Citigroup all benefited from the rotation into potential reopening winners while the names that rose amid stricter stay-at-home measures declined. “This is a rotation that we should get used to,” says one strategist. “It’s not necessarily index positive when that mean reversion happens, but it’s certainly much better to have this rally broaden out.”

Amazon falls while banks rally


Amazon shares fell 0.47%. The SPDR S&P Bank ETF gained about 7% and was on pace for its biggest one-week gain since April.

What happens next?

Weekly jobless claims data are set for release Thursday, along with the latest durable goods orders.

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LAST CHG %CHG
DJIA 25548.27 553.16 2.21
S&P 500 3036.13 44.36 1.48
Nasdaq Composite 9412.36 72.14 0.77
Japan: Nikkei 225 21419.23 148.06 0.70
UK: FTSE 100 6144.25 76.49 1.26
Crude Oil Futures 32.30 -2.05 -5.97
Gold Futures 1712.50 6.90 0.40
Yen 107.78 0.24 0.22
Euro 1.1004

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https://www.wsj.com/articles/global-mar ... 61?mod=mhp