Hope all is well. The S&P 500 and the Dow rose slightly, extending their recent run of small gains amid quiet trading, while the NASDAQ posted a tiny decline for the week. For the S&P 500, Friday marked the index’s 48th record closing high of 2021. I have broken down this week’s news using quotes from 80’s movies, seeing how this week ended on Friday the 13th and saw major baseball play an outstanding game on the Field of Dreams.
You’re Doomed,you’re all doomed -Crazy Ralph, Friday the 13th
Consumers seem a lot more nervous about the future than the market. The Delta variant’s spread in recent weeks has left U.S. consumers increasingly anxious about the economic recovery. A preliminary monthly reading on Friday the 13th from a University of Michigan consumer confidence survey recorded a sharp decline from the previous month, sending the popular measure of confidence to its lowest level since December 2011.
Why don’t you get a job Spicoli? What for? – Brad and Spicoli, Fast Times at Ridgemont High
Jobs are available but the unemployed like Spicoli are not in a rush to get to work. U.S. job openings rose by 590,000 to 10.1 million in the latest monthly count, setting a record high and exceeding most economists’ expectations. The increase means there are now more job openings than unemployed Americans seeking work—a sign of an unusually tight labor market.
If you build it, he will come – Voice, Field of DreamsThe government hopes to start building. The U.S. Senate on Tuesday passed a $1.1 trillion plan to improve the nation’s physical infrastructure before approving a Democrat-written $3.5 trillion measure that extends to nontraditional forms of infrastructure. The proposals have moved to the House, where weeks of debate are expected.
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