May Imports and Exports, June Stock Market Winners and Losers
- Deep Deficits – The goods and services deficit increased by $0.6 billion to $75.1 billion in May 2024. Total imports ended May 2024 at $336.7 billion, while exports finished out the month at $261.7 billion (source: U.S. Bureau of Economic Analysis).
- Making Moves – The Dow Jones Industrial Average finished June 2024 1.2% higher at 39,118.86, up from 38,686.32 on May 31, 2024 (source: Y Charts).
- Money Heist – The amount of cryptocurrency stolen through hacks and network attacks doubled from January 2024 to June 2024 to $1.38 billion (source: Bloomberg).
- Industry Increases – Five out of the eleven equity indexes reported positive June 2024 gains, with technology increasing 7.8%, consumer discretionary moving up 3.9%, the communication services sector increasing 3.2%, real estate moving up 2%, and the healthcare sector increasing 1.8% (source: Y Charts).
- Ebbing Exports – May 2024 exports of goods decreased $2.9 billion from April 2024, while exports of services increased $1.1 billion. Exports of industrial supplies and materials dropped $2.1 billion; however, travel services increased $0.8 billion in May 2024 (source: U.S. Bureau of Economic Analysis).
- Pharma Flops – Imports of goods decreased by $2 billion in May 2024, led by a $4.2 billion decrease in pharmaceutical preparations and a $1.5 billion decline in automotive vehicles, parts, and engines. The industrial supply and material sector offset these large losses with a $1.4 billion increase (source: U.S. Bureau of Economic Analysis).
- Big BlackRock – BlackRock, an asset management company, acquired Preqin, a private market data provider for $3.2 billion in early July 2024. BlackRock plans to use Preqin’s data and software to expand its Aladdin platform, a private market solution that compiles data, research, and investment processes for asset managers (source: BlackRock).
- The PDF King – Adobe was the S&P 500's top performer with a 24.9% increase in June 2024. However, Adobe still has a year-to-date loss of 6.9% from January 2024 through June 2024 (source: Yahoo Finance).
- The Largest Loser – Walgreens was the S&P 500’s top loser in June 2024 with a 25.4% share price decline. This brings Walgreens’ year-to-date loss to 53.7% from January 2024 through June 2024 (source: Y Charts).
- Hitting It Out of the Park – Twins baseball player Jose Miranda tied the 12 consecutive hit mark on July 7, 2024. He joins Walt Dropo (1952), Pinky Higgins (1938), and Johny Kling (1902) (source: Reuters).
This newsletter is provided for informational purposes only and does not constitute investment advice or a recommendation regarding any specific product or security. Past performance is not indicative of future results. You cannot invest directly in an index. All references to tax or legal matters are provided for informational purposes only. You should consult your legal or tax professional regarding your specific situation. All investing is subject to risk, including possible loss of principal.
For current fund holdings, please click on the related links included above.
