Rover’s Weekly Market Brief – 06/11/2021

Guru Portfolio Updates

We’ve updated our Guru Portfolios! You can see a full list of all our portfolios here ^[1] and download the latest updates from the Stock Rover Library ^[2].

Economy

The U.S Bureau of Labor Statistics Job Openings and Labor Turnover Survey ^[3], or JOLTs reported a record 9.3 million job openings as of the last day of April.  While the job openings rate came in at a record 6%, hires were little changed at 6.1 million. Increases came in accommodation and food services (+349,000), other services (+115,000), and durable goods manufacturing (+78,000). Decreases came in educational services (-23,000) and in mining and logging (-8,000). Payrolls increased by 559,000 in May following a 278,000 improvement in April.  The labor market is still some 7.6 million jobs short of pre-pandemic levels. The number of workers who left their jobs voluntarily grew to 4 million in April, while the quits rate rose to a record 2.7% – showing workers are confident in seeking new employment opportunities.

The Energy Information Administration reported ^[4] an inventory decline (excluding those in the Strategic Petroleum Reserve) of 5.2 million barrels for the week ending June 4th to 474M barrels. U.S. crude oil inventories are running about 4% below the five-year average for this time of year. Crude oil refinery inputs averaged 15.9M barrels per day, a 327,000 barrels per day increase over the previous week’s average. Refineries operated at 91.3% of their operable capacity last week. Crude-oil production increased by 200,000 barrels a day from the previous week to 11M barrels per day. Gasoline inventories rose 7M barrels to 241M barrels with an unchanged five-year average for this time of year. Distillates increased by 4.4M barrels to 137.2M barrels and are about 5% below the five-year average. Total commercial petroleum inventories increased by 15.5M barrels last week. Total products supplied over the last four-week period averaged 19M barrels per day, up 16.7% over the same period last year.

The U.S. Bureau of Labor Statistics reported ^[5] consumer prices increased a seasonally adjusted 0.6% in in May. The all items index increased 5.0%, the largest 12-month increase since August 2008. A third of the all items increase is attributed to a 7.3% increase in the index for used cars and trucks, In addition, indexes for household furnishings and operations, new vehicles, airline fares, and apparel all increased. The food index gained 0.4%, up 2.4% over the past 12 months. The index for all items less food and energy rose 0.7% in May after increasing 0.9% in April, the index has increased 3.8% over the past 12 months. The energy index remained unchanged as a decline in the gasoline index was offset by increases in the electricity and natural gas indexes. The energy index is up 28.5% over the last 12-months.

Upcoming Economic Reports:

Tuesday June 15 – Core Retail Sales (MoM) (May)

Wednesday  June 16 – Building Permits (May)

Earnings Calendar:

 

Monday	Tuesday	Wednesday	Thursday	Friday
Sandvik (SDVKY)	Oracle (ORCL)	Eurofins Scientific (ERFSF)	Smith & Wesson Brands (SWBI)	No Earnings Reports
Subaru (FUJHY)	La-Z-Boy (LZB)	National Energy Services (NESR)	Commercial Metals (CMC)