The week began with a slight increase in US stocks as investors eagerly awaited the release of significant economic data. Throughout the week, manufacturing data, job openings, initial claims, and the May jobs report were all set to be published. Economists predicted that 178,000 jobs would be added to the economy in May. This influx of data had set the stage for a busy and potentially impactful week for the stock market.
On Monday, US stocks saw a slight increase in preparation for a week filled with important economic indicators. Bank of America suggested that if between 125,000 and 175,000 jobs were added in May, it could have positive implications for the stock market by potentially opening the door for interest rate cuts without causing concerns of a recession. However, there was also concern about bad news turning into actual bad news for equities if these predictions were not met.
West Texas Intermediate and Brent crude oil prices dropped slightly while gold prices increased. The 10-year Treasury yield and Bitcoin prices also experienced fluctuations as investors monitored these indicators closely to gain insights into how the market might respond to different scenarios.
As more economic data was released throughout the week, investors remained sensitive to these indicators and their potential impact on future policies. Overall, while there was optimism about job growth in May, uncertainty surrounding future policies continued to weigh heavily on investors’ minds as they navigated this busy week for the stock market.
