Image Source: 
The Fed announced in May’s FOMC meeting that the Fed Funds Rate will remain unchanged; however, Chair Powell stated that it is unlikely the next move will be a hike.
JOLTS for March saw a decrease in the amount of job openings to 8.48Mil, down from 8.8Mil in February. Additionally, Layoffs ticked higher to 1.5Mil, while Quits and Hires decreased by 480K & 455K.
Unemployment & Non-Farm Payrolls for April came in much lighter than expected (175k Jobs added). Additionally, the Unemployment rate ticked higher to 3.9%.
Consumer Confidence for April took an unexpected and sharp slide to 97, from 103. This dive was led by increasing pessimism around the labor market and real income.
Earnings Recap: Semiconductors have generally seen strong earnings due to higher AI investment-related costs (ON, QCOM, NXPI, AMD). Restaurants highlighted a weakening consumer (MCD, YUM, SBUX). Amazon saw better-than-expected AWS sales, and Apple’s iPhone sales were also better than expected.
The week ahead:
Earnings: O, SPG, VRTX, MCHP (5/6), DIS, DUK, ANET (5/7), ABNB, UBER (5/8).
More By This Author:Expect Equity Market CorrectionsWatching For A Weakening ConsumerA Correction In A Bull Market
