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Weekly Recap May 22nd 2021
An article by • Published May 22, 2021

Weekly Recap: May 22nd, 2021


For the week ending May 22nd -​ the S&P 500 declined by 0.4%, the NASDAQ Composite gained by 0.3% and the Dow Jones Industrial Average declined by 0.5%. The 10-year U.S. Treasury Yield Rate hovered around 1.63% through Friday, May 21st. Snap Launches Next Generation of Spectacles Snap (ticker:
$SNAP
)
announced
the next generation of Spectacles, built for augmented reality creators, during the
Snap Partner Summit
on Thursday, May 20th. Evan Spiegel, the CEO of Snap, in the presentation on the Spectacles mentioned it will have "two RGB cameras, 4 built-in microphones, 2 stereo speakers and built-in touch pad controls" that will redefine the way we interact with and see the world.  Spectacles will by powered by Snap's spatial engine, "which leverages 6 degrees of freedom, hand and surface tracking to realistically ground digital objects in the physical world." The device will weigh 134 grams. AT&T's WarnerMedia To Merge With Discovery AT&T (ticker:
$T
) and Discovery (ticker:
$DISCA
)
announced
AT&T's WarnerMedia, which consists of AT&T's media assets in entertainment, sports and live news, will merge with Discovery to create a new global media company on Monday, May 17th. AT&T will receive about $43 billion in a mix of cash and debt securities. After the close of transaction, AT&T shareholders will own 71% and Discovery shareholders will own 29% of the combined entity. The merger will bring HBO, Warner Bros., Discovery, DC Comics, CNN, Cartoon Network, HGTV, Food Network, the Turner Networks, TNT, TBS, Eurosport, Magnolia, TLC, Animal Planet, ID and many other media brands in one global portfolio.  NVIDIA Board Declares Stock Split NVIDIA (ticker:
$NVDA
)
announced
that company's board of directors have declared a Four-for-One Split of the company's common stock on Friday, May 21st. The company mentioned in the announcement that the stock split will be in the form of a stock dividend to make the ownership of stock more accessible for the company's employees and investors. If the company receives stockholder approval for the split during the Annual Meeting of Shareholders on June 3rd 2021, each NVIDIA stockholder of record at the close of business on June 21, 2021, will receive a dividend of three additional shares of common stock for every share held on the record date.  Economic Updates: The National Association of Realtors announced​ sales of existing-homes in the United States during April 2021 declined by 2.7% from March 2021 to 5.85 million homes this Friday, May 21st. This is the third consecutive month-over-month decline in existing-home sales. The U.S. Department of Labor released​ Initial Jobless Claims report for the week ending May 15th, 2021 on Thursday, May 20th. 444,000 Americans filed for unemployment (lower than 450,000 claims expected by analysts) according to the report. It is lowest number of claims since the pandemic related unemployment that began in the week ending March 14th, 2020.