Morning, Traders!
It is Thursday the 1st of June, here are some things to look out for today.
For the month, the S&P unofficially rose 0.26%, the Dow unofficially lost 3.48%, and the Nasdaq unofficially gained 5.80% following the close last night.
Sentiment
As traders reduced their betting on Federal Reserve rate reduction and somewhat increased their predictions on future interest rate hikes by the European Central Bank, Treasuries, and euro-area government bonds declined this morning.
The Swiss franc edged up while the Norwegian krone led losses among the Group of 10 currencies, and the dollar index showed little change overall.
In order to guide market expectations ahead of a crucial employment report, Federal Reserve policymakers are indicating they intend to hold interest rates unchanged in June while maintaining the option to raise them higher in the months to come.
According to the Fed's Beige Book survey of local business contacts released yesterday, the US economy exhibited indications of cooling in recent weeks as hiring and inflation moderated modestly.
President Biden and Speaker McCarthy crafted debt-limit legislation that the House approved, limiting government spending until the 2024 election and preventing a potentially dangerous American default.
Docket
8:15 AM ET
US ADP Employment Change for May
Median Forecast: 170K | Prior: 296K | Range: 250k / 100K
8:30 AM ET
US Weekly Initial Jobless Claims
Median Forecast: 235K | Prior: 229K | Range: 255K / 225K
9:30 AM ET
Canadian S&P Manufacturing PMI
Prior: 50.2
9:45 AM ET
US S&P Manufacturing PMI
Median Forecast: 48.5 | Prior: 48.5 | Range: 48.5 / 48.3
10:00 AM ET
US ISM Manufacturing PMI
Median Forecast: 47 | Prior: 47.1 | Range: 48.5 / 45.5
11:00 AM ET
Weekly EIA Crude Oil Inventories
Median Forecast: -1.5M | Prior: -12.456M | Range: 2M / -5.147M
11:30 AM ET
The US sells 4-Week Bills.
Speakers
8:30 AM ET
ECB's Villeroy speaks at the Toulouse School of Economics conference.
9:45 AM ET
ECB's Enria speaks at the 22nd Annual International Conference on Policy
Challenges for the Financial Sector, organized by the World Bank, International Monetary Fund and Federal Reserve System in Washington
1:00 PM ET
Fed's Harker speaks on the economic outlook at NABE Monetary Policy & Outlook Webinar.
The event is virtual. Text: Yes. Audience Q&A: Yes. Media Q&A: No.
Livestream: Yes.
Good Luck!
