Investors eagerly awaited a plethora of economic data releases this week as US stocks began the week with a slight increase on Monday. The focus was on manufacturing and services data, which would be revealed through the ISM and PMI index releases on Monday and Wednesday. Additionally, job openings data was scheduled for Tuesday, initial jobless claims on Thursday, and the May jobs report on Friday.
Economists predicted that 178,000 jobs would have been added to the US economy in May, in line with the April jobs report. However, Bank of America suggested that the ideal range for the number of jobs added last month would be between 125,000 and 175,000. This range could potentially allow for interest rate cuts from the Federal Reserve without causing concern for investors about a possible recession. If growth declines significantly, bad news could turn negative.
In commodities news: West Texas Intermediate crude oil saw a 0.53% decrease to $76.58 a barrel, while Brent crude was down 0.46% to $80.74 a barrel. Gold prices rose by 0.39% to $2,355.00 per ounce, and the 10-year Treasury yield dropped by three basis points to 4.46%. Bitcoin prices jumped by 2.77% to $69,614.
The upcoming economic data releases will provide valuable insights into the health of the US economy and its potential impact on investors’ portfolios.
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