A look back
- U.S. equities reached new all-time highs early in the week before a strong jobs report sent the chances of a rate hike higher and major indices lower. The S&P 500 finished down 2.55%, while international developed markets fell 1.39%, and emerging markets dropped 1.94%.
- U.S. Treasury yields also spiked on Friday following the May jobs report. The 2-year and 10-year yields finished at 4.15% and 4.54%, respectively. Ongoing Middle East peace talks left oil prices relatively flat.
- U.S. economic data was centered on the labor market with U.S. job openings rising to 7.62M, the highest since 2024. Friday’s jobs report beat expectations, adding 172K jobs and reinforcing a more hawkish Fed (Federal Reserve) outlook.
A look ahead
- Investors will focus on the Consumer Price Index (CPI) report set to be released this Wednesday for further insight into inflation trends and implications for Fed policy in the second half of the year.
- Friday will be a historic day for markets as SpaceX is set to begin trading in what could be the largest initial public offering (IPO) in history at a $1.75 trillion valuation*.
- Economic releases: Existing home sales, Wholesale inventories, CPI, Initial jobless claims, Producer price index (PPI), Michigan Consumer sentiment.
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