Good Afternoon Valued Clients, Friends and Family,
I hope you all enjoyed Memorial Day weekend and were able to relax and spend time with friends and family. As summer is approaching it is starting to look like we may have a more normal summer with the reopening of California. Gatherings will no longer be restricted by capacity and backyard BBQs will be in full swing. However, we may not be serving hot dogs and hamburgers at these BBQs because, “Where’s the beef?” JBS, the largest meat processing company, was hacked by Russian criminals which could cause a shortage of beef in the U.S.
On Wednesday, JBS was targeted by a cyberattack. Their computer networks were hacked, temporarily shutting down some operations in Australia, Canada, and the U.S. It is believed that the ransomware attack was originated by a Russian-based criminal ransomware gang known as REvil. It is possible that this attack could lead to meat shortages and price increases. The White House is engaging with the Russian government and the FBI is investigating the attack. This comes after the May 7th ransomware cyberattack on Colonial Pipeline, which forced the company to shut down all operations before paying a ransom to gain back control.
Last Friday, California officials unveiled pandemic-related guidelines to fully reopen the state come June 15th. The biggest change is the removal of all capacity limits and social distancing requirements. Bars, restaurants, concert venues, and everything in between can all open at full capacity. For outdoor events with more than 10,000 people, California recommends venues have a verification of vaccination or negative tests in place. Indoor events with 5,000 or more people are required to have a verification of vaccination or negative tests in place. Disneyland Resort will reopen at full capacity and even allow for out of state visitors.
It has been an eventful, yet uneventful week in the markets. Since last Friday, the S&P 500 is down -0.3%, the Nasdaq is down -1.0%, and the Dow is up 0.1%. While the overall indexes might not have made substantial moves, besides the Nasdaq, there certainly were some significant moves in one corner of the market: specifically, the “meme” corner. Just today alone, AMC fell 33%, rose 57% from the low, and fell 23% from the high, ending the day down 20.4%. In more tangible news this week, manufacturing and service indicators are trending upwards illustrating the strength of the recovering economy. Tomorrow’s jobs report will also give us insight into payroll numbers and the unemployment rate for the month of May.
Last week the invitation went out for our next webinar, Providing for a Surviving Spouse in Retirement at 1 PM on June 30, 2021. Please click here to register and learn more. The video for our previous webinar on Understanding Long Term Care is now available for playback on our website. You can watch it here.
If you would like to schedule a meeting with your Wealth Manager, please call our office at (888) 253-0288 or email Sunni at email@example.com.