The outlooks of purchasing managers (and the manufacturing sectors they represent) generally are improving in recent months, benefitting from the positive news of COVID-19 vaccine development, approval, and distribution. The UK is leading the recovery, as its PMI has risen to 64.2 from sub-50 last quarter. (Note: any survey reading above 50 indicates economic expansion.) The Eurozone is also surging. The non-German economies in Europe recorded a 63.1 PMI in May -- a sharp gain from 48.1 in the prior quarter. Nations that are less reliant on consumer services and have heavier exposure to industrial activity, such as Germany and the U.S., have reported more consistent (and solid) PMI readings. China has pulled back a bit, due to a slowing in exports as the dollar has declined. Still, manufacturing trends in China remain positive. Japan has finally moved into expansion phase, with a reading of 53.

The stock market was mixed last week, as blue chips moved lower and tech stocks rallied. During Friday's session, the Dow Jones Industrial Average was roughly flat, increasing 13 points, or 0.04%. The S&P 500 was up 0.19%, and the Nasdaq Composite was up 0.35%. For the week, the DJIA was down 227 points, or 0.80%, the S&P 500 was up 0.41%, and the Nasdaq Composite was up 1.85%. Year-to-date, the DJIA is up 12.65%, the S&P 500 is up 13.08%, and the Nasdaq Composite is up 9.16%.

This pick list highlights constituents of the Morningstar US Mid Cap Index that we believe offer investors the best risk-adjusted return prospects. The market capitalization range for U.S. mid-caps typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

The stock market was flat-to-down last week, as technology stocks outperformed blue chips. During Friday's session, the Dow Jones Industrial Average increased 124 points, or 0.36%. The S&P 500 was down 0.08%, and the Nasdaq Composite was down 0.48%. For the week, the DJIA was down 174 points, or 0.51%, the S&P 500 was down 0.43%, and the Nasdaq Composite was up 0.31%. Year-to-date, the DJIA is up 11.77%, the S&P 500 is up 10.64%, and the Nasdaq Composite is up 4.52%.

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 pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

Continuing the Process: Our Monthly Survey of the Economy, Interest Rates, and Markets