Major U.S. major stock indexes are rising today as investors shift away from Friday’s disappointing non-farm payroll jobs report for May that showed only 38,000 non-farm payroll jobs added, the lowest level in 6 years, raising concerns about the strength of the U.S. labor market ahead of the Federal Reserve’s 2 day policy meeting in mid-June.
Today Fed Chair Janet Yellen will be giving a speech in Philadelphia, PA and offer more insights about the likelihood that Fed policymakers will hold off on raising interest rates during their next June Fed meeting until the U.S. labor market strengthens.
Over the past 3 months, the average non-farm payroll job gains per month fell below 200,000 to 116,000 despite the U.S. unemployment level dipping to 4.7 percent in May.
Adding to the list of concerns for investors is growing Brexit risk after a new YouGov poll for ITV television shows that leave the EU side has an advantage of +4-5 points.
Great Britain will hold a Brexit referendum vote on Thursday June 23rd.
Updated U.S. Primary Results
Clinton has 2,357 total delegates, just 28 delegates away from capturing the 2,383 level needed to gain the nomination. Sanders trails by 791 and has 1,566 total delegates.
Clinton has 548 Super Delegates to Sanders’ 46.
In terms of pledged delegates which doesn’t include Super Delegates, Clinton has a 290 delegate lead with 1,807 pledged delegates to Sanders’ 1, 517.
The Week Ahead
U.S. investors will have a little economic data to absorb this week.
Consumer credit for April will be reported on Tuesday.
On Friday Michigan Sentiment (Prelim-June) and the Treasury Budget for May will be reported.
Tuesday- Productivity-Rev. Q1, Unit Labor Costs
Wednesday- MBA Mortgage Index, JOLTS Job Openings (April), Crude Inventories
Thursday-Initial and Continuing Job Claims, Wholesale Inventories, Natural Gas Inventories
Friday- Michigan Sentiment (Prelim-June), Treasury Budget (May)
Written by: John Schweitzer