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By Staff Reporters

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National Hurricane Season Commences

The Atlantic hurricane season is the period in a year, from June 1st through November 30th, when tropical or subtropical cyclones are most likely to form in the North Atlantic Ocean. These dates, adopted by convention, encompass the period in each year when most tropical cyclogenesis occurs in the basin. Even so, subtropical or tropical cyclogenesis is possible at any time of the year, and often does occur.

Interest Rates?

New US government data shows there were more open jobs last month than expected, raising the possibility that the Federal Reserve could keep hiking Interest Rates Up.

Banks

Shares of large and mid-sized U.S. banks sharply under performed the broader markets with worries about commercial real estate loans in focus among bank investors.

Companies

The e-commerce giant Amazon has agreed to shell out the cash to settle a pair of lawsuits lodged by the Federal Trade Commission. It will cough up $5.8 million to resolve claims that it let employees and contractors access footage from Ring doorbell cameras and another $25 million because Alexa allegedly improperly retained information from children. Amazon’s also facing criticism from its staff—hundreds of corporate employees walked out yesterday to protest the company’s layoffs, return to office mandate, and contributions to climate change.

Advance Auto Parts tanked after the car parts seller cut its dividend and outlook for the year.

The Markets

Here is where the major benchmarks ended, yesterday:

• The S&P 500 Index was up 41.19 points (1.0%) at 4221.02; the Dow Jones industrial average (DJIA) was up 153.30 (0.5%) at 33,061.57; the NASDQ Composite was up 165.70 (1.3%) at 13,100.98.
• The 10-year Treasury note yield (TNX) was down about 3 basis points at 3.603%.
• CBOE’s Volatility Index (VIX) was down 2.25 at 15.69.

Oilfield services providers and other energy companies led sector gains, as crude oil futures rallied nearly 3% and pushed back above $70 barrel despite higher-than-expected U.S. inventories reported Thursday. Semiconductor makers and other tech companies continued their recent show of strength. The U.S. Dollar Index ($DXY) fell to its lowest level in more than a week amid ideas the Fed may soon “pause” its sharp rate hikes of the past year.

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