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Hiring was a huge letdown in April, with nonfarm payrolls increasing by a much less than expected 266,000 and the unemployment rate rose to 6.1% amid an escalating shortage of available workers. Dow Jones estimates had been for 1 million new jobs and an unemployment rate of 5.8%.  Many economists had been expecting an even higher number amid signs that the U.S. economy was roaring back to life.  However, markets had only a mild reaction to the bad news, a sign that investors expect the Federal Reserve to keep its ultra-easy policies in place as well as belief that the big miss likely was a short-term phenomenon.

 

It's been a whirlwind week for Peloton and its investors. The company sells high-end exercise bikes and treadmills that are touted for their library of workouts and access to live classes. Things for the company really took off during the pandemic as consumers sought the convenience of at-home and on-demand workouts, sending shares of the company up 434% in 2020.  Shares are now more than 50% off their high after the company recalled its newest treadmill.  PTON still has a $26bn market cap, so we’ll revisit this one in the years to come.   

 

Copper prices hit a record high on Friday in the latest leg of a broad rally across commodity markets sparked by the reopening of major economies and booming demand for minerals needed for the green energy transition. Copper, used in everything from electric vehicles to washing machines, rose as much as 1.4 per cent to $10.361 a ton, surpassing its previous peak set in 2011 at the height of a previous commodities boom.  The price has more than doubled from its pandemic lows in March last year due to voracious demand from China, the biggest consumer of the metal, and also investors looking to bet on a big uptick in the global economy and protect their portfolios against potential for rising inflation.

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