Tuesday's Scoop: Snooze ☀️

Hey friend - hope you had an excellent long weekend!

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Insiders, catch up with our Weekly Scoop.

Here’s what you need to know today to inform your work, spending, and investments…

1. Memorial Day Weekend travel broke records.

2. People don’t feel great about the state of the economy and the cost of living.

3. Business investment rebounded in April.

Unemployment Rate: 3.9%
^{Still near the lowest rate in 50+ years}

Memorial Day Weekend travel broke records this holiday. The US Transportation Security Administration reported screening the most passengers on a single day on Friday. That’s positive news for the economy, as travel can often be the first thing people cut back on when feeling financially strained. The economy runs on consumer spending.

Business investment picked up more than expected in April despite facing hurdles with high borrowing costs. The Commerce Department reported orders for durable goods, which includes anything from computers to trucks that last more than three years, rose by 0.7% in April. Orders for non-defense business investments, excluding transportation, so-called core capital goods, rose 0.3%. Shipments also increased after declining in March, signaling a pickup in business spending on self-improvement.

Inflation Rate: +3.4% (YoY), +0.3% (MoM)
^{Policymakers aim for 2% YoY inflation (April CPI)}

Most Americans are still pretty unhappy about the state of the economy, and the rising cost of living is a critical factor. The University of Michigan Consumer Sentiment Index fell to a six-month low in May as Americans reported rising inflation expectations. Consumers expect the cost of living to rise by 3.5% over the next year, a faster increase than last month’s 3.0%. In a slightly conflicting survey, the Conference Board's Consumer Confidence Index improved in May after three consecutive months of declines. Inflation fears increased across both surveys, but people are less worried about finding a job. Recession concerns keep rising. Consumers power two-thirds of the economy, so economists monitor sentiment closely.

The Market: ⬆️ +0.03%
S&P 500: 5,306.04
1Mo: +4% | 1Yr: +26% | 5Yr: +93%

The market drifted sideways on Tuesday as investors returned from the three-day weekend. This month's data has started to suggest a slight economic rebound, worrying investors about more inflation and delays to policymakers' potential interest rate cuts.