Debt ceiling vote, Nvidia’s new AI chips, jobs report top week ahead
Employers likely added 180,000 jobs, down from 253,000 in April: economists
Economy slowing as Fed rate hikes take hold: Economist John Lonski
Economist John Lonski gives his outlook of what to expect through the year's end on 'Maria Bartiromo's Wall Street.'
It will be another busy week for investors with lawmakers voting on the debt ceiling after a compromise was reached over the weekend.
Last week stocks ended with a rally going into Memorial Day weekend with financial markets closed on Monday for the holiday honoring all those who died while serving in the U.S. military.
The Nasdaq Composite closed at the highest level since August of last year.
Nasdaq Composite
FOX Business breaks down more events likely to move financial markets in the coming days.
TREASURY AUCTION SIGNALS POSSIBLE LEEWAY ON JUNE 1 DEBT CEILING DEADLINE
Tuesday, May 30
The markets will open for the week on Tuesday after being closed for Memorial Day. In earnings, Hewlett-Packard Enterprise and HP will report after the closing bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HPE | HEWLETT PACKARD ENTERPRISE CO. | 17.06 | -0.12 | -0.70% |
| HPQ | HP INC. | 29.65 | +0.21 | +0.71% |
Economic data on Tuesday will include the FHFA monthly home price index, the Case-Shiller home price index and consumer confidence.
TOP MCCARTHY DEBT LIMIT NEGOTIATOR SAYS GOP WON'T CAVE ON WORK REQUIREMENTS: 'HELL NO'
In other news, Elizabeth Holmes, the disgraced founder of Theranos is expected to report to prison.
Former Theranos CEO Elizabeth Holmes arrives at federal court on Oct. 17, 2022 in San Jose, California. (Justin Sullivan/Getty Images / Getty Images)
Wednesday, May 31
Wednesday will welcome in earnings from Advance Auto Parts in the morning; while, Chewy, Nordstrom, Okta and Salesforce will report after markets close.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAP | ADVANCE AUTO PARTS INC. | 75.64 | +0.86 | +1.15% |
| CHWY | CHEWY INC. | 15.63 | -0.77 | -4.71% |
| JWN | NORDSTROM INC. | 20.29 | +0.31 | +1.55% |
| OKTA | OKTA INC. | 97.17 | -0.95 | -0.97% |
| CRM | SALESFORCE INC. | 275.17 | -3.80 | -1.36% |
Economic data includes mortgage applications, the Chicago PMI and JOLTS job openings.
WILL THE US ACTUALLY DEFAULT ON ITS DEBT? JPMORGAN WARNS THE ODDS ARE RISING
Walmart will host its annual meeting on Wednesday as crime and inflation remain headwinds for many retailers.
Walmart
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 60.26 | -0.20 | -0.32% |
YELLEN DOUBLES DOWN ON JUNE DEADLINE TO AVOID US DEBT DEFAULT
Thursday, June 1
Prior to the weekend debt deal, U.S. Treasury Secretary Janet Yellen predicted the country could run out of money on Thursday, so a vote is now critical ahead of the deadline.
Earnings on Thursday will begin with Dollar General, Hormel Foods, Lands’ End and Macy’s reporting before markets open.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DG | DOLLAR GENERAL CORP. | 140.86 | +3.34 | +2.43% |
| HRL | HORMEL FOODS CORP. | 35.35 | -0.04 | -0.10% |
| LE | LANDS END | 14.20 | +0.07 | +0.50% |
| M | MACY'S INC. | 19.45 | +0.39 | +2.05% |
Broadcom, ChargePoint Holdings, Dell Technologies, Lululemon and VMware will all report earnings after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AVGO | BROADCOM INC. | 1,332.26 | +26.59 | +2.04% |
| CHPT | CHARGEPOINT HOLDINGS | 1.69 | -0.04 | -2.59% |
| DELL | DELL TECHNOLOGIES INC. | 132.42 | +0.74 | +0.56% |
| LULU | LULULEMON ATHLETICA INC. | 352.95 | +7.34 | +2.12% |
| VMW | n.a. | n.a. | n.a. | n.a. |
Economic data on Thursday will include productivity, construction spending, ISM manufacturing PMI, EIA weekly crude stocks, and initial jobless claims.
Congress will host a remote hearing on "Advances in AI: Views from Silicon Valley" in connection with the University of San Francisco.
Lastly, both Honeywell and Oatly will get new CEOs on Thursday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HON | HONEYWELL INTERNATIONAL INC. | 200.63 | +2.58 | +1.30% |
| OTLY | OATLY GROUP AB | 1.23 | -0.03 | -2.38% |
Friday, June 2
The monthly jobs report for May will close out a busy week. Economists expect employers to slow hiring, adding 183,000 roles, down from the 253,000 added in the prior month.
Non-Farm Payrolls for May: 183,000 est. vs. 253,000
The unemployment rate is expected to tick up to 3.5% vs. 3.4%.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 181.25 | +0.90 | +0.50% |
Boeing's CEO Dave Calhoun will speak at Bernstein Strategic Decisions Conference, while Ajay Banga will take over as president of the World Bank for a five-year term. He was previously CEO of Mastercard.
Ajay Banga, CEO of Mastercard, speaks on Sept. 20, 2017, in New York. (Misha Friedman/Getty Images)
FOX Business' Jessica MacKenzie contributed to this article.