Market Drama

Welcome to this week’s Market Drama!

• The Stock Market:
  • The S&P 500 was up 1.8% for the week.
    
    • May was fairly flat at 0.4%, but year-to-date at 11.5%.
  • Nasdaq was up 2% for the week and is now up more than 26% year-to-date.
• Economic Data:
  • Last week we saw the debt ceiling resolution in Washington, great news.
  • May’s payrolls number came in better than expected. 
  • Positive revisions for March and April. 
  • On the more negative headline, the unemployment rate rose to 3.7% from 3.4%.
  • Wages data also came out – 4.3% year-over-year growth (slower pace than the previous month at 4.5%).

What to look out for this week: 

• PMI data.
• Consumer credit data.

Stay tuned for next week. 

– Andres