For the week ending May 29th - the S&P 500 rose by 1.2%, the NASDAQ Composite rose by 2.1% and the Dow Jones Industrial Average rose by 0.5%. The 10-year U.S. Treasury Yield Rate declined to 1.58% by Friday, May 28th.Three Women CEOs Took Their Companies PublicWomen led companies dominated this week's roster of companies that went public. Anjali Sud, the CEO of Vimeo (ticker:
), started out as Head of Marketing for Vimeo business within InterActive Corporation (ticker:
) took the company public on Tuesday, May 25th,
through a spinoff
after successfully growing the business within IAC. Heather Hasson and Trina Spear co-founded direct-to-consumer healthcare apparel brand FIGS (ticker:
) in 2013. Hasson and Spear took their company public on Wednesday, May 26th,
through a successful initial public offering
as co-CEOs.Amazon Buys MGM StudiosAmazon (ticker:
) announced it was acquiring MGM Studios for $8.45 billion on Wednesday, May 26th. Mike Hopkins, Senior Vice President of Prime Video and Amazon Studios, commenting on the acquisition said "
The real financial value behind this deal is the treasure trove of IP in the deep catalog that we plan to reimagine and develop together with MGM’s talented team.
" MGM's catalog includes more than 4,000 films such as 12 Angry Men, Basic Instinct, Creed, James Bond, Legally Blonde, Rocky, Tomb Raider, The Pink Panther, and over 17,000 TV shows such as Fargo, The Handmaid’s Tale, and Vikings that have together won more than 180 Academy Awards and 100 Emmys.NVIDIA "Moons" On Record Gaming Revenues
company's revenues in first quarter grew by 13% over the previous quarter and 84% over last year. The semiconductor giant attributed the growth from their Gaming business, which itself grew by 31% over the previous quarter. During the
, company's CFO conceded "We believe gaming [business] also benefited from crypto mining demand, although it's hard to determine to what extent. We've taken actions to optimize GeForce GPUs for gamers while separately addressing mining demand with cryptocurrency mining processors, or CMPs." Economic UpdatesThe U.S. Bureau of Economic Analysis released GDP data on Thursday, May 27th. GDP of U.S. increased at an annual rate of 6.4% in the first quarter of 2021.The U.S. Bureau of Labor Statistics released Personal Income data for April 2021 on Friday, May 28th. Personal Income in the U.S. decreased by 13.1% on Month-over-Month (MoM) basis. The decline is a result of decreased benefits from U.S. government through American Rescue Plan (ARP) Act.The U.S. Bureau of Labor Statistics also released Personal Spending data for April 2021 on Friday, May 28th. Personal Spending in the U.S. increased by 0.5% on Month-over-Month (MoM) basis. It was lower than 4.7% for March 2021 due to significant decline in non-durable goods, particularly food and beverages.