This just in: CEO Chris Shuba in Financial Planning

In a slow, shortened week, initial jobless claims worsened a bit, rising to 373K from 371K the week prior, the ISM Services Index fell in May’s final numbers though stayed solidly in expansionary territory at 60.1, and inventories increased 1.3%, slightly ahead of estimates.

Comments from the NY Fed spurred intraday volatility on Thursday as it announced plans to start gradually unwinding some of its corporate bond holdings following the start of sales of its corporate bond ETF holdings last month. Though the losses at the start of the trading session Thursday were pared back throughout the day and were erased by early trading on Friday.

The Biden administration announced plans for an executive order to promote competition, from items on baggage fees and hearing aids, to non-compete agreements and antitrust updates. None of the items in the order will immediately become regulations, but as various agencies attempt to put the guidelines into actual policy it will surely trigger a few court battles from various industry groups.