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Delta Air Lines told investors that revenue would finally return to 2019 levels, amid strong travel demand.
Brandon Bell/Getty Images
The trend is your friend, or so they say. But right now, there is no trend you can trust.
Consider the stock market this past holiday-shortened week. Through the first three days of trading, the
S&P 500
index looked like it was going to be able to start a winning streak after breaking a seven-day losing streak the week before. Instead, it finished down 1.2%. The
Nasdaq Composite,
which closed off 1%, and the
Dow Jones Industrial Average,
which fell 0.9%, followed similar trajectories.
It’s not just the stock indexes that failed to follow the trend—bond yields did, too. The 10-year yield looked like it was heading lower after trading at 3.13% on May 6. But after closing at 2.748% on May 27, it rose back to 2.955% on Friday after a stronger-than-expected jobs report suggested that recession fears might be overblown.
“The growth scare that brought 10-year Treasury yields down from touching 3%” is easing “as the labor market remains solid,” explains Quincy Krosby, chief equity strategist at LPL Financial. That’s helping yields rise again.
It’s no easier finding a trend in U.S. businesses.
Microsoft
(ticker: MSFT) cut its outlook, blaming the strong dollar, while
Delta Air Lines
(DAL) told investors that revenue would finally return to 2019 levels, amid strong travel demand.
Tesla
(TSLA)…
..
