The first full trading week was another consequential one for the market. A few of the top stories involved the ADP payroll report falling below expectations while the report issued by the Bureau of Labor Statistics was a mixed bag.
The other top story involved an online spat between Donald Trump and Elon Musk regarding Trump’s One Big Beautiful Bill. Although the tit-for-tat seems to be more personal in nature, Musk did call for the Senate to kill the bill. Despite the public bickering, it seems as if markets are used to the turmoil as the three major indexes have largely recovered from their April lows.
On Monday, the first scheduled news release came out as the ISM Manufacturing PMI report was made available to the public. It came in at 48.5, which was slightly lower than last month and was about a full point below expectations.
On Tuesday, the JOLTS report was released and found that there were 7.39 million job openings in the country. This was higher than the expected 7.11 million openings and was also higher than last month’s reading of 7.2 million.
The ADP nonfarm payroll report came out Wednesday morning and found that there were 37,000 jobs added by employers in May. Analysts expected 111,000 new jobs, and the May figure was also lower than the 60,000 positions added in April. Also on Wednesday, the ISM Services PMI came in at 49.9, which was lower than the expected 52.
Unemployment claims data for the past seven days was made public on Thursday morning. For the past week, there were 247,000 claims compared to a projected 236,000.
Finally, on Friday, the BLS nonfarm payroll report said that the economy added 139,000 compared to a forecast of 126,000. However, this was still lower than last month’s figure, which was revised downward to 147,000. Average hourly earnings increased by .4 percent compared to an expected .3 percent while the unemployment rate remained steady at 4.2 percent as anticipated.
The S&P 500 closed above 6,000 this week for the first time since February. The index was up 99 points to close at 6,000.39 at the end of trading Friday. This represents a gain of 1.69 percent over the past five trading days, and over the past month, the index has appreciated 6.29 percent. The low of the week was established Monday morning when the market dipped to 5,864 while the high of 6,012 was made on Friday afternoon.
The Dow was also in the green this week finishing up 646 points to close at 42,762. The Dow followed the same pattern as the S&P 500 this week making its weekly low on Monday morning before reversing and making its high on Friday. The weekly range was 41,684 at the low end and 42,894 at the high end.
Finally, the Nasdaq was up 2.28 percent this week to close at 19,529. As with the other two major indexes, the Nasdaq made its low on Monday and closed near the high of the week. The low on Monday morning was 19,044 while the high of 19,593 was made on Thursday afternoon.
There were a few important releases coming from outside the United States. Tuesday night, Australia announced that gross domestic product growth was .2 percent in the first quarter compared to an expected .4 percent. On Wednesday, the Bank of Canada announced that it was keeping the country’s key interest rate steady at 2.75 percent. On Thursday, the European Union announced that the zone’s key interest rate would be cut from 2.4 percent to 2.15 percent.
The upcoming week will have inflation numbers made public on Wednesday and price data on Thursday. On Friday, the University of Michigan will release its consumer sentiment and inflation expectation reports.