Stocks continued their march higher last week, with all three major indexes closing at record highs. The S&P 500 ended May on an seven-day winning streak, and its April and May advances were the first consecutive monthly gains of more than 5% since late 2022.
The blistering rally will be tested this week when the Bureau of Labor Statistics releases the jobs report on Friday. Despite dour consumer sentiment, the labor market has held up well, with the unemployment rate below its historical average and jobs growth perking up recently, after a weak 2025.
Other economic data to be released include the Institute for Supply Management's Manufacturing Purchasing Managers' Index on Monday and the Services PMI on Wednesday.
Also on Wednesday, the Federal Reserve will release the beige book.
Broadcom, one of only six U.S. companies valued at $2 trillion or more, will bring down the curtain on a stellar earnings season with its quarterly results on Wednesday. With fewer than 20 S&P 500 companies left to report first-quarter results, nearly 90% have beaten earnings-per-share estimates, while just over 80% have surpassed sales expectations.
Monday 6/1
Credo Technology and Hewlett Packard Enterprise release earnings.
The Institute for Supply Management releases its Manufacturing Purchasing Managers' Index for May. Consensus estimate is for a 53.1 reading, slightly higher than in April.
The Census Bureau reports construction spending data for April. Economists forecast a 0.1% month-over-month increase to a seasonally adjusted annual rate of $2.19 trillion,
Tuesday 6/2
Dollar General, Palo Alto Networks, and Ulta Beauty report quarterly results.
The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. The consensus call is for 6.85 million job openings on the last business day of April, slightly fewer than in March.
Wednesday 6/3
Broadcom, CrowdStrike Holdings, Five Below, Macy's, and Veeva Systems announce earnings.
The Institute for Supply Management releases its Services Purchasing Managers' Index for May. Expectations are for a 53.9 reading, slightly higher than in April.
The Federal Reserve releases the beige book for the fourth of eight times this year. The report gathers anecdotal information on current economic conditions from the 12 regional Federal Reserve banks.
Thursday 6/4
Brown-Forman, Ciena, Cooper Cos., DocuSign, Lululemon Athletica, Planet Labs, and Samsara report quarterly results.
Friday 6/5
The Bureau of Labor Statistics releases the jobs report for May. Economists forecast an increase of 95,00 in nonfarm payrolls, following a 115,000 gain in April. The unemployment rate is expected to remain unchanged at 4.3%. Payrolls posted back-to-back gains in March and April for the first time since last May, alleviating concerns of a flagging labor market.
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