US Markets Eye May Jobs After S&P 500 Hits 7,580 as 10-Year Yield Falls to 4.45%

3 articles · Updated · yardeniquicktakes.com · May 30

Friday’s record close left investors heading into a data-heavy week focused on Friday’s May payrolls report, after April job growth slowed to 115,000 and unemployment held at 4.3%.
ISM surveys on Monday and Wednesday will test whether manufacturing can extend four months of expansion and whether services, still growing, continue to cool.
Labor-market releases build through the week with JOLTS on Tuesday, ADP private payrolls on Wednesday, Challenger layoffs and jobless claims on Thursday; claims and ADP data point to continued hiring and subdued layoffs.
Eight Fed speeches and Wednesday’s Beige Book could shape rate expectations after the 10-year Treasury yield fell 12 basis points this week to 4.45%, staying within its long-running 4% to 5% range.
Risk appetite has also been helped by falling oil prices—Brent settled at $92.05, the lowest weekly close since April 17—as ceasefire-extension talks between the US and Iran raised hopes the Strait of Hormuz blockade could be lifted.

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