U.S. crude oil broke through the $70 a barrel mark for the first time since 2014.
The economic crisis in Venezuela is raising concerns about the country’s oil supplies. Adding to those worries is a decision on whether the U.S. is going to walk away from the Iran nuclear deal.
The biggest economic report of the month has come and gone in the form of the April Employment Report.
The report missed the mark as 164,000 nonfarm jobs were added to payrolls, which fell short of what economists were expecting.
The headline showing unemployment falling below 4% may look good, but the reason behind the drop is that 236,000 people dropped out of the labor force.
This week’s economic focus will be on inflation. The Federal Reserve has reported that inflation is rising and closing in on its 2% target. This week, investors will get report on both producer and consumer prices.
On the central bank front, the Bank of England meets this week and is expected to keep rates unchanged on Thursday.
The earnings focus will be on broadcast content and delivery with reports coming from Discovery Communications, Dish Network, Walt Disney, 21st Century Fox, Tribune Media, News Corp and Tivo.