Forget the cliché: “Sell in May and Go Away” because U.S. stock markets in May had a fairly decent month with the S&P 500 gaining 2.12 percent, the Nasdaq rising 2.79 percent, and the Dow up .96 percent.
The S&P 500 is now sitting at an all-time high while the Nasdaq has already reached a 13 year high, erasing some of the earlier losses that occurred during the tech selloff several weeks ago.
Technology will soon be in the spotlight this week as Apple holds their worldwide developer’s conference from June 2-6th at Moscone West in San Francisco.
The conference gives developers an opportunity to look at Apple’s latest operating system: iOS 8 which is rumored to have a new fitness tracking app.
Some of the new developments that will likely occur at the conference will center around Apple’s plans to release new wearable products, including the company’s newly acquired Beats Electronics, or possibly even its highly anticipated iWatches that remains a mystery to nearly everyone.
Apple is likely to announce its smart home plans at the conference, although they are not expected to unveil any new products yet in this new category. At least that is what gigaom.com is reporting.
Apple is expected to release its plans for mobile payments at the conference.
Apple is reportedly in talks with several high-profile retail store chains about a new mobile payment service.
A retina display MacBook Air has been under wraps and the developer’s conference may be the perfect time to showcase its new upgrades.
The iPhone 6 is not expected to be unveiled at the developer’s conference and won’t likely be released until later in the summer.
The 4.7 inch version of the iPhone 6 is believed to be arriving first in August followed by the larger 5.5 inch version in September.
The economic calendar this week will include new data about car sales, ISM Manufacturing and ISM Services.
On Thursday June 5th the ECB will be making a decision about their monetary stimulus plans with an interest rate cut very likely in the cards along with the possibility of some additional stimulus measures.
On Friday the closely watched U.S. employment report for May will be released from the U.S. Department of Labor.