As the Group of Seven (G7) summit kicked off last Friday, and speculation of tensions mounting between the United States and its trade partners, stocks closed the week on a positive note. All the major indexes rose more than 1%, with the domestic large caps of the Dow faring especially well. Year-to-date, the Global Dow remained in negative territory, while the Nasdaq and Russell 2000 boasted solid gains.
The price of crude oil (WTI) dipped slightly last week, while the price of gold (COMEX) rose.
LAST WEEK’S ECONOMIC HEADLINES
- Business expanded in the non-manufacturing, or services, sector in May, according to the latest Non-Manufacturing ISM® Report On Business®.
- According to the Job Openings and Labor Turnover Summary for April, there were 6.7 million job openings at the end of the month – an increase of about 65,000 openings over March. Manufacturing; professional and business services; and leisure and hospitality went up while federal, state and local government; education and health services; and financial activities fell.
- The goods and services trade deficit in April was down $1.0 billion from March.
EYE ON THE WEEK AHEAD
In other upcoming news, the Federal Open Market Committee meets this week. Many analysts predict an interest rate hike is in the offing.