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On Monday, US stocks started the week with a slight gain as investors braced themselves for a flood of economic data. The focus was on manufacturing and services data through ISM and PMI index releases on Monday and Wednesday, while the state of the jobs market was in focus with job openings data on Tuesday, initial jobless claims on Thursday, and the May jobs report on Friday.
Economists are expecting around 178,000 jobs to have been added to the US economy in May. Bank of America noted that the sweet spot would be between 125,000 and 175,000 jobs added last month, leaving room for potential interest rate cuts without causing concern about a recession. The correlation between the S&P 500 and USD has been -78% over the past two months, with bad news often driving positive stock market reactions.
Commodities also saw movement on Monday, with West Texas Intermediate crude oil dropping to $76.58 a barrel and Brent crude at $80.74 a barrel. Gold edged higher to $2,355.00 per ounce while Bitcoin saw a jump of 2.77% to $69,614.
Investors will closely watch manufacturing and services data through ISM and PMI index releases on Monday and Wednesday
