This week's big schedule at a glance
The non-agricultural or re-certified job market cools down
This week, investors are most concerned about non-farm payrolls data. The economic slowdown will further support expectations that the Federal Reserve will cut interest rates. Furthermore, the market generally expects the ECB to enter a cycle of interest rate cuts.
Investec analyst Ellie Henderson said, “We expect non-farm data to continue to show a slight cooling in the US labor market, but the slowdown may be limited.” Analysts at SEB Research believe that US stocks will enter a period of turbulence next because the Federal Reserve will need months of weak data to soften its position.
Additionally, economic data released prior to the release of non-farm payrolls data may further disrupt the market, including ISM manufacturing and service sector PMIs released on Monday and Wednesday, respectively, JOLTS job vacancies announced on Tuesday, and ADP employment reports released on Wednesday. Among them, the ISM manufacturing and service sector PMIs are particularly noteworthy. These data will provide an important reference for the momentum of commercial activity and measurement of price pressure.
Nvidia's market capitalization has soared and will split the stock by 1 10
A few days ago,$NVIDIA (NVDA.US)$The government announced a 10-to-1 stock split plan. According to reports, the adjustment will be carried out when the market opens on June 10 (Monday), and Nvidia's shareholders will receive an additional 9 common shares after closing on June 7 (Friday). Analysts believe this may attract more interest from retail investors while paving the way for them to be included in the Dow.
Notably, after announcing the earnings report, Wall Street's target share price for Nvidia rose by about $150 to $1,250 per share, and there is still room for more than 20% increase compared to the overnight closing price of $1037.99.
Among them, Cantor Fitzgerald's analyst C J Muse reiterated Nvidia's rating as an “increase in holdings” and raised the target share price from $1,200 to $1,400, the highest on Wall Street.
OPEC+ is about to finalize a production reduction agreement
This Sunday's OPEC+ meeting also received a lot of attention from the market. The OPEC is developing a complex agreement that will allow it to extend some deep oil production cuts until 2025. According to sources, the agreement reached on Sunday may include extending part or all of the 3.66 million b/d production cut to 2025 and extending the voluntary production cut of 2.2 million b/d partially or completely until the third or fourth quarter of 2024. There has also been a change in this week's meeting schedule. Delegates from various countries gathered in Vienna on Saturday to a one-day delay in online meetings.
Royal Bank of Canada capital market analyst Helima Croft warned that Saudi Energy Minister Abdul Aziz likes Hollywood-style plot reversals, while also saying he “likes to keep the oil market alert” and punish those speculators.
In terms of financial reports, the first quarter earnings season for US stocks is nearing its end.$MEITUAN-W (03690.HK)$,$Lululemon Athletica (LULU.US)$,$UP Fintech (TIGR.US)$,$NIO Inc (NIO.US)$A few more companies are worth watching.
This week's key performance calendar
Monday June 3rd
Keywords: Caixin manufacturing PMI, S&P global manufacturing PMI, Youbo Holdings listing
On Monday, in terms of economic data, the final value of the US S&P global manufacturing PMI for May, the monthly rate of US construction expenditure for April, and the US ISM manufacturing PMI for May will be announced on the same day.
In terms of new shares,$UBOT HOLDING (08529.HK)$It will be listed on the Hong Kong Stock Exchange.
Tuesday, June 4
Keywords: US April JoLTs job vacancies, US April factory order monthly rate
On Tuesday, in terms of economic data, the monthly rate for US JoLTs job vacancies in April and US factory orders for April will be announced.
In terms of financial reports,$CrowdStrike (CRWD.US)$Results will be announced after the market.
In terms of new shares,$EASOU TECH (02550.HK)$,$RIMAG GROUP (02522.HK)$The IPO has ended.
Wednesday June 5th
Keywords: Caixin services PMI, ADP employment numbers, ISM non-manufacturing PMI
On Wednesday, in terms of economic data, data such as US API crude oil inventories for the week up to May 31, China's Caixin service industry PMI for May, US ADP employment numbers for May, US ISM non-manufacturing PMI for May, and US EIA crude oil inventories for the week up to May 31 will be released.
In terms of financial reports,$UP Fintech (TIGR.US)$,$Lululemon Athletica (LULU.US)$,$ChargePoint (CHPT.US)$Results will be announced.
Thursday June 6th
Keywords: number of initial jobless claims, US trade balance for April, number of layoffs at challenger companies
On Thursday, in terms of economic data, the number of US challenger company layoffs in May, the number of US jobless claims for the week up to June 1, the US trade balance for April, and US EIA gas stocks for the week up to May 31 will soon be announced.
In terms of economic events, ECB President Lagarde held a press conference on monetary policy.
In terms of major financial reports,$MEITUAN-W (03690.HK)$,$NIO Inc (NIO.US)$Financial reports will be released.
Friday June 7th
Keywords: China's trade balance, China's foreign exchange reserves, US non-farm payrolls data
On Friday, in terms of economic data, China's May trade balance, China's May trade balance calculated in US dollars, China's foreign exchange reserves for May, the US unemployment rate for May, and the US non-farm payrolls after the May seasonal adjustment will be announced.
In terms of new shares,$EASOU TECH (02550.HK)$,$RIMAG GROUP (02522.HK)$It will be listed on the Hong Kong Stock Exchange.
Good luck with your investments in the new week!
edit/ruby