Stock market news live updates: June 6, 2022

U.S. stock futures were firmly higher ahead of Monday’s open as the indexes aim to rebound from a week of losses on the heels of strong May jobs data that affirmed Federal Reserve officials were likely to continue sharpening monetary conditions.

Futures tied to the S&P 500 were up 1%. Dow Jones Industrial Average gained 250 points, or 0.7%. Futures on the Nasdaq climbed 1.4%.

All three major indexes fell Friday to round out another down week. The declines came after a stronger-than-expected May jobs report showed hiring kept at a slower but still-robust tempo last month – a sign of continued strength in the labor market expected to keep policymakers on pace with interest rate-hiking plans.

“As Fed speakers consistently remind us that the path towards draining inflationary pressures from the economy is going to be ‘bumpy’ and ‘painful,’ the market agrees as it navigates between seeing the next recession around the corner to witnessing a still healthy economic backdrop,” LPL Financial Chief Equity Strategist Quincy Krosby said.

The Labor Department’s May jobs report Friday showed 390,000 were added to the U.S. economy in May, while unemployment held at a rate of 3.6%.

Later this week, investors will get the latest gauge on how quickly prices are rising across the U.S. when the Bureau of Labor Statistics releases its latest Consumer Price Index Friday.

The headline CPI index is expected to have climbed in May but stay flat from last month’s reading on a year-over-year basis. Economists forecast the broadest measure of CPI rose by 8.3% in May, on par with April’s advance. Over the month, CPI is expected to show an increase of 0.7%, up from 0.2% last month.

Fed officials enter a blackout period this week, which limits the extent to which staff and Federal Open Market Committee (FOMC) members can speak publicly or give interviews ahead of their next policy-setting meeting set for June 14-15.

In final comments before Fedspeak pauses for the week, several policymakers have given a nod in public remarks to multiple 50 basis point rate hikes ahead.



Read More

Recommended For You

Leave a Reply

Your email address will not be published. Required fields are marked *