Wall Street week ahead: Spotlight on May jobs data, manufacturing reports

The jobs data holds significance as it will be the last economic report before the Federal Reserve’s upcoming monetary policy meet on June 11-12.

Investors are hoping for a interest rate cut in the next Fed meet, as a report on Friday showed that a key measure of inflation — personal consumption expenditures (PCE) price index — remained steady at 2.7% in April.

ALSO READ: RBI Policy: Repo rate cut expectations pushed back to December quarter

Economic events

On June 3 (Monday), data on the S&P flash US manufacturing PMI for May and ISM manufacturing for May will be released.

TBA Auto sales data for May is also due on the same day.

On June 4 (Tuesday), factory orders data for April will be declared.

June 5 (Wednesday) will see the release of reports on ADP employment for May, ISM services for May, US productivity (final revision) for first quarter, US trade deficit for April, and S&P flash US services PMI for May

On June 7 (Friday), a report on consumer credit for May and data on US employmenand unemployment for May will be released.

Earnings

Following companies are due to report quarterly earnings in the week ahead— GitLab, Science Applications, CrowdStrike, PVH, Hewlett Packard Enterprise, Bath & Body Works, Lululemon, Dollar Tree, Brown-Forman, Campbell Soup, and Five Below, Samsara, DocuSign, J.M. Smucker, and NIO.

US markets last week

US stocks rallied on Friday after a report showed the Federal Reserve’s preferred inflation was flat.

ALSO READ: OPEC to extend cuts till 2H; Crude oil seen at $70-$90 in 2024: Kaynat Chainwala

The Dow Jones Industrial Average rose 574.84 points, or 1.51%, to 38,686.32, the S&P 500 gained 42.03 points, or 0.80%, to 5,277.51 and the Nasdaq Composite lost 2.06 points, or 0.01%, to 16,735.02.

The yield on the 10-year Treasury fell to 4.50% from 4.55%.  The 2-year Treasury yield slipped to 4.87% from 4.93%.

The US dollar rose to 157.28 yen from 156.84 Japanese yen. The euro gained to $1.0842 from $1.0837.

The benchmark US crude oil for July delivery fell 92 cents to $76.99 per barrel on Friday. Brent crude for July delivery lost 24 cents to $81.62 per barrel.

Gold for August delivery dropped $20.70 to $2,345.80 per ounce. Silver for July delivery shed $1.09 to $30.44 per ounce.

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Published: 02 Jun 2024, 10:23 PM IST