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Is the Labor Market Slowing Down?

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Last Week’s Market Activity

Last week, we saw a tremendous amount of green throughout the week, as some key economic indicators came in a bit better than expectations. This led the Dow up 0.46%, the S&P up 1.14%, and the Nasdaq up 1.64% on a week-over-week basis. However, the Russell could not find its footing, as it was down 2.36%. However, we’re not out of the woods yet; we’ve got some important economic data coming out this week, as well as some key earnings releases!

Macroeconomic Indicators

Last week, we saw the job openings (JOLTS) report come in quite a bit lower than expected, at 8.1 million openings compared to an expected 8.4 million, which is actually a good thing for the stock market. This is because the Fed is looking for an economic slowdown before it cuts rates. However, on the flip side, we did see the US employment report come in quite a bit better than expected, with 272,000 jobs added in the month of May, compared to an expected 190,000. Hourly wages also came in a bit hotter than expected on both a month-over-month and a year-over-year basis.

Upcoming Market Catalysts

This week will be a big week in the market, as we have some very important economic data releases coming up. Things start a bit late, on Wednesday, with CPI as well as the FOMC interest-rate decision. This will undoubtedly be a big day, as everyone will be eager to hear what Jerome Powell and the Fed have to say. We then get PPI data on Thursday, followed by preliminary consumer sentiment on Friday. It will be particularly interesting to see where consumer sentiment comes in, as last month it reached some of the lowest levels that we’ve seen since the Great Financial Crisis.

Notable Earnings Releases

Although there aren’t many earnings releases this week, we do have some important ones, such as:

06/11 – Oracle Corporation (ORCL), Woodside Energy Group (WDS), GameStop Corporation (GME), Casey’s General Stores (CASY), Rubrik (RBRK)

06/12 – Broadcom (AVGO)

06/13 – Adobe (ADBE), Autodesk (ADSK), RH (RH), Signet Jewelers (SIG)

All eyes will be on ORCL, AVGO, and ADBE this week. These are some of the largest companies in the world, but they don’t get the airtime that mega cap tech stocks do. It will be interesting to hear what they have to say about the state of their business and how AI demand is affecting them.

⚡ Watchlist ⚡

Monitoring the market conditions this week.

⚡ Trade Wins from Last Week ⚡

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