The U.S. housing market has been a positive contributor to the economic recovery, though some statistics have dropped from recent highs. The National Association of Realtors reported that existing home sales fell in April to a 5.85 million seasonally adjusted annual rate -- still well above the 3.9 million rate in May 2020. The Commerce Department reported that new home sales, which were down 33% in April 2020 from January 2020, recovered to 10-year-high levels of more than 1 million sales per year last August and remained elevated at an 863,000 rate in April. As well, building permits were up 70% in April 2021 compared to April 2020, according to the Census Bureau. Though most of these indicators have cooled, housing prices have not. The S&P/Case-Shiller National Home Price Index for March 2021 showed that prices gained 13.2% year-over-year, the highest gain in 15 years. Meanwhile, inventory levels are tight, according to the U.S. Census Bureau. On the other side of the pandemic, we think demand for homes, with yards between neighbors and plenty of space, will remain solid, supporting economic growth.

Typically, we don't try to predict what the U.S. Dollar Index (USD) will do because we have had no edge in the past. On occasion, we'll take a stab at a forecast if the Commitment of Traders (COT) data and/or market sentiment gives us a decent read. Since late 2014, the USD has traded in a volatile range, moving up to the 103 area twice, and down to the 90 region twice.

Recently, the market took worrisome inflation data in stride, and the S&P 500 established an all-time high. Recall that in early May, stocks were staggered by CPI data that included an annual change of 4.2% in April consumer prices. Well, in early June, consumer prices for May were reported up by 5.0% -- but a broad-based rally ran right over that number.

Stocks were mixed at midday on Monday ahead of the Fed meeting on Tuesday and Wednesday. The 10-year Treasury yield fell to a three-month low. The Dow fell 0.5%, the S&P fell 0.2%, and the Nasdaq was up 0.3%. Crude oil traded near $71 per barrel, while gold fell $12 to $1867 per ounce.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

This edition features new coverage of DoorDash and Essential Utilities; a closer look at the S&P-IHS Markit merger; Biogen's newly approved Alzheimer's treatment; Snowflake's investor day; and a moat downgrade for Enbridge.

Jobs Are Coming Back, But Is It Enough?

Last week was all about jobs, as the market overcame its growing inflation concerns to rally on three employment data points clustered at the end of the week. The ADP private payrolls report (moved to Thursday by the holiday) ripped higher by 978,000 for May, well above the 650K consensus and up from 742K for April.