This week, we saw a continued rally in the markets, with major US indices up between 2.25%-4.25% week-over-week. The Nasdaq and Russell led this week’s rally, as tech stocks and small caps continued their monumental move upwards. NVIDIA also briefly entered the trillion-dollar club, as AI excitement and a tremendous earnings beat made the stock skyrocket.
Last week, we saw continued strength in the job market, with job openings, ADP employment, jobless claims, and the employment report all beating expectations. Unemployment did tick up a bit more than expected though, which was intriguing. This did not keep markets down though, as they rallied throughout the week!
This week will continue to be rather slow in terms of economic data releases. In fact, this week looks like it will be the slowest week we’ve seen all year! However, it will be important to pay attention to consumer credit on Wednesday and initial jobless claims on Thursday. These readings will help give us a more clear picture in terms of how the consumer is faring.
Earnings season has largely come to a halt, as most influential companies have already reported their earnings. However, there are still a few notable companies reporting earnings this week, such as:
06/06 – J.M. Smucker Company (SJM)
06/07 – Trip.com Group (TCOM), Campbell Soup Company (CPB)
06/08 – DocuSign (DOCU), Toro Company (TTC), Vail Resorts (MTN)
06/09 – NIO Inc. (NIO)
This week, SJM and CPB will give us an idea of how consumers are spending their money, and whether they are trading up or down for retail commodities.
We’ll also hear from key travel companies like MTN and TCOM. These companies will give us an idea of how the travel landscape is looking for the rest of the year.
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