On Monday, US stocks saw a slight increase as investors awaited a week of economic data releases. Throughout the week, manufacturing data via the ISM and PMI index releases, job openings data, initial jobless claims, and the May jobs report are set to be released. The median forecast for the number of jobs added to the economy in May is 178,000.
Economists predict that 178,000 jobs will have been added to the US economy in May, in line with the April jobs report. According to Bank of America, the ideal range for the number of jobs added last month would be between 125,000 and 175,000. This range would potentially allow for interest rate cuts from the Federal Reserve without causing concern for investors about a possible recession.
Investors will also be focusing on commodities news as West Texas Intermediate crude oil saw a 0.53% decrease to $76.58 a barrel and Brent crude was down 0.46% to $80.74 a barrel on Monday. Gold prices rose by 0.39% to $2,355 per ounce while Bitcoin prices jumped by 2.77% to $69,614 on Monday as well. The bonds market also saw some movement with yields dropping by three basis points to 4.46%.
