By Bill Hornbarger, Chief Investment Officer
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Three Things to Watch
- The focus this week will be squarely on Friday’s May employment report. Nonfarm payrolls are expected to gain 170,000, with the unemployment rate steady at 3.9%. That suggests a slightly softer but still resilient job market, confirmed by recent trends in jobless claims, which have been trending sideways in a very narrow band between 200,000 and 230,000.
- The Institute for Supply Management surveys will be released Monday (manufacturing) and Wednesday (services) and have been trending in different directions. After a prolonged period of contraction, manufacturing has been moving higher and is expected at 49.6, up slightly from last month and threatening to push into expansion territory. At the same time, the services index is expected to recover to 51.4 after dipping below 50 for the first time since late 2022. The services index peaked at 67.1 in the fall of 2021 and has been in gradual decline since.
- Nvidia will also be closely watched (as always), not only as a market leader in the artificial intelligence space, but also because it will split 10 for 1 at the end of the week.
Three Things to Know
- Friday, June 6, is the 80th anniversary of D-Day, the largest amphibious invasion in military history. In planning the D-Day attack, Allied military leaders knew that casualties might be staggeringly high, with some estimates as high as 75%. Historians estimate there were 4,414 Allied deaths on June 6, including 2,501 Americans. But they also know that list isn’t complete, and the project to count the dead continues to this day. (Source: History)
- Donald Trump’s TikTok account amassed more than 1.4 million followers in the first 12 hours after it was established. (Source: TikTok)
- Stock splits have typically been bullish for companies that enact them. Average returns one year later are 25% versus around 12% for the broad market. (Source: Bank of America)
The above information reflects the current opinion of the author. It is based upon sources and data believed to be accurate and reliable. Opinions and forward-looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security mentioned.