Headlines discussed at LNWM’s Monday morning briefing:
— The US economy grew 6.4% annualized in 1st quarter 2021; and GDP in total dollars will within a month top the previous peak, so still in recovery mode.
— In address to Congress, President Biden proposed higher taxes on upper-income households and US corporations to fund new federal programs.
— Analysts expect the US economy to have added over 1 million new jobs in April; 1st time that many jobs have been created since Aug. 2020.
— A key index for US manufacturing activity fell in April (to 61 from 38-year-high of 65) as shortages and rising prices weighed on production.
— S&P 500 earnings for Q1 2021 could be 46% higher vs. same quarter in 2020, with 87% of companies reporting so far beating estimates.
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