A look back
- Stocks rose last week, as the S&P 500 gained 1.4% to mark its ninth-straight weekly advance and close at a fresh high. International developed markets rose 1.1%, while emerging markets rallied 4.0%.
- U.S. Treasury yields ended lower as crude oil prices declined on progress in U.S.-Iran negotiations, easing oil-driven inflation concerns. The 2-year yield fell 0.12% to 3.99%, while the 10-year declined by a similar amount to 4.43%.
- In a light week for U.S. economic data, Q1 real Gross Domestic Product (GDP) was revised to an annualized rate of 1.6% from 2.0% initially. The Federal Reserve’s preferred inflation gauge, Core Personal Consumption Expenditures, rose 3.3% in April, above March’s 3.2% increase.
A look ahead
- The key U.S. economic data release this week is Friday’s Jobs Report for the month of May, where consensus expects softer job gains relative to strong gains in the prior two months, with the unemployment rate holding steady at 4.3%.
- Following an agreement between the U.S. and Iran to extend the ceasefire for another 60 days, developments around the Strait of Hormuz will remain closely watched as markets continue to price in optimism around a resolution.
- Economic releases: May ISM Manufacturing & Services, April Job Openings & Labor Turnover Survey (JOLTS), May Jobs Report.
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