Market views heading into the week highlight what we're watching and important news ahead.
Investment Advisory Group
Truist Advisory Services, Inc.
A look back
The S&P 500 closed at a new all-time high on Wednesday and was up 1.4% on the week to outpace international markets, with the technology sector leading the way.
Yields were volatile as the 10-year U.S. Treasury yield broke below 4.30% on Wednesday to hit its lowest point since late March. This was quickly undone by Friday’s jobs report, which sent the 10-year yield soaring to 4.43% to close the week.
The May jobs report came in stronger than expected as the economy added 272K jobs last month, but the unemployment rate ticked up to 4.0%, the highest since January 2022.
A look ahead
The Federal Reserve (Fed) is expected to hold its policy rate steady for the seventh-straight meeting. Focus will be on the “dot plot”, which will show how many rate cuts Fed officials expect in 2024 and beyond.
Key inflation data is on deck with the Consumer and Producer Price Indices (CPI and PPI) set to be released. Investors will look for signs of cooling after Friday’s blowout jobs report.
Economic releases: CPI, Hourly Earnings, FOMC Meeting, PPI, U. of Mich. Consumer Sentiment.
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