This just in: CEO Chris Shuba on Schwab Network

In a relatively slow data week, initial jobless claims, at 411K, were basically unchanged from the week prior and the S&P 500 posted its best week since February, gaining 2.74%.

Personal Spending in May was unchanged at 0.0%, missing expectations of a 0.4% gain, but also aligning with retail figures and the pause in growth after big numbers the month prior. Personal income was down 2% in the month, though pointed to a robust movement away from stimulus-driven income to wage growth, which increased 0.8% and setting the stage for more solid spending gains in the future.

The Biden administration and a bipartisan group of senators reached a deal on an infrastructure package after months of negotiations. The size of the package came in well short of his initial $2.3T proposal, but would allocate roughly $1.2T in funds over the next eight years on roads, bridges, broadband, and other initiatives. The cost of the program is said to be covered from unspent funds in prior stimulus rounds, increased IRS capacity to enforce existing tax laws, and oil sales from the Strategic Petroleum Reserve.