This is the outlook for the New York stock market this week.
Following the release of the ADP private employment report for June on July 1, the Labor Department's employment report for June will be released on July 2. The market will be closed on July 3 for the Independence Day holiday.
Last weekend, all three major U.S. indices closed slightly lower.
The market is focusing its attention on the employment indicators to be released sequentially this week.
Starting with the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) for May and the Consumer Confidence Index for June on June 30 (local time), the ADP private employment report and the Institute for Supply Management (ISM) manufacturing PMI for June will be released on July 1.
In particular, the June Labor Department employment report, which will be released on Thursday, July 2—one day earlier than usual due to the market closure on Friday for the Independence Day holiday—is expected to be the biggest turning point that will determine the future direction of the Federal Reserve's monetary policy.
Regarding corporate earnings, Nike is scheduled to release its results after the market closes on June 30.
Meanwhile, news broke last weekend that OpenAI, a key pillar of the artificial intelligence rally, is considering delaying its initial public offering (IPO), which was initially expected this year, to next year or later.
Along with the recent increase in volatility across technology stocks, concerns over AI valuations have dampened investor sentiment, leading to a generally weak performance for related tech stocks.
While the indices themselves showed signs of taking a breather, Wall Street noted a positive signal: a rotation in the market where capital is moving away from gains reliant on a few large-cap stocks toward the small and mid-cap sectors.
All eyes are on whether the New York stock market, having entered a rotation phase, can maintain its upward momentum based on this week's employment report.
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