What happened last week…
All three major indices recorded gains, making it back-to-back weeks in the green. Performances were as follows: DJIA (1.17%), S&P 500 (1.50%), NASDAQ (2.18%). The S&P 500 surpassed the 6,000 level for the first time since February. Year-to-date performances remain in positive territory: DJIA (0.51%), S&P 500 (2.02%), NASDAQ (1.13%).
President Donald Trump said he had a “very good” phone call with Chinese President Xi Jinping on Thursday as the two sides discussed trade. Trump said the talk “resulted in a very positive conclusion for both Countries.” Officials from both the United States and China are expected to meet in London for further trade talks on Monday, June 9. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamieson Greer are scheduled to be in the meeting. Elsewhere on trade, Deputy Treasury Secretary Michael Faulkender said the administration is “close to the finish line on a couple” of deals.
Meta Platforms (META) signed a 20-year agreement with Constellation Energy (CEG) to purchase nuclear power as the company continues to grow its artificial intelligence operations. The agreement will provide 1,121 megawatts of emissions-free nuclear energy and is expected to start in June 2027.
Amazon (AMZN) said it will invest $10 billion on data centers in North Carolina for its artificial intelligence infrastructure. The commitment is expected to create at least 500 new high-skilled jobs.
The manufacturing PMI for May was 48.5 and the non-manufacturing PMI for May was 49.9.
The ADP employment change saw 37,000 jobs added in May. The unemployment rate remained at 4.2%. Nonfarm payrolls beat expectations as it added 139,000 jobs. Average hourly earnings month-over-month were up 0.4%.
Happening this week…
On Wednesday, the inflation rate year-over-year for May is expected to be 2.5%. Meanwhile, the core inflation rate year-over-year for May is expected to be 2.9%.
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- The Rockline Team
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