Tariff news for the week ebbed and flowed but stocks in the U.S. ended higher despite continued uncertainty about the end game. The S&P 500 rose by 1.9%; international developed rose by 0.9%, while emerging markets fell by 1.1%.
U.S. Treasury yields dropped last week after their recent rise. Although recent Treasury auctions have been weaker than normal, last week saw three large auctions go smoothly showing demand remains strong for U.S. debt.
The Federal Reserve’s (Fed’s) preferred inflation measure came in mostly as expected, slightly lower than the previous month.
A look ahead
The labor market comes into focus this week. JOLTS will show how job openings fared in April while Challenger Job Cuts will show how many people were let go in May. And the week will end with Nonfarm Payrolls and unemployment data.
Several Fed officials will speak this week along with the release of the Beige book that highlights regional economic trends before their blackout period leading into the next meeting on June 18.
Economic releases: ISM Manufacturing & Services, Factory Orders, JOLTS, U.S. Trade Balance, Nonfarm Payrolls, Unemployment Rate.
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