Tuesday's Market Minute: Eco-Data & Earnings In Focus This Week

As we begin June with a shortened trading week, let’s take a market minute to have a look at what’s to come. First, trends you should be watching include U.S. indices which remain bid at or near all-time highs; the U.S. Dollar starting to shows signs of weakness once again; gold’s rally back above 1900; and crude oil hitting a two-year high ahead today’s OPEC+ meeting. We’re also seeing inflation concerns trending higher with commodities like copper and grains still holding near 2021 high prices.

For economic data, keep an eye on today’s manufacturing info including PMI Manufacturing, ISM Manufacturing, and Construction Spending. Tomorrow’s data includes Beige Book, ADP Employment, and Motor Vehicle Sales plus a handful of Fed speakers to stay dialed in on. Thursday will be all about Jobless Claims, the ISM Services Index, and the Challenger Job Cut report, while Friday will close out the week with non-farm payrolls and unemployment data.

In terms of companies reporting quarterly results, earnings season is winding down but we do have a couple names to keep an eye on like Zoom Video after today’s close, and Broadcom and Lululemon after Thursday’s close. Much of the attention this week likely will be on the jobs reports this week, especially after the disappointing non-farm payrolls data to begin the month of May. Keep a close eye on the wages component tied to the data Friday because it’s not just the rise in commodity prices; wage increases are a key part of the inflation narrative.

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