Week InReview: June 7, 2024

US equities, bonds lose steam before jobs report.

Awaiting jobs report | US equities and bonds lost steam on the eve of a key jobs reading that will help shape the outlook for the Federal Reserve's next steps. Stocks stalled near all-time highs as traders refrained from big bets. Treasuries wavered. The euro rose as the European Central Bank raised inflation forecasts after cutting rates. In the run-up to the payrolls reading, Wall Street waded through a slew of data. Jobless claims topped estimates, labor costs increased by less than previously reported, and the trade deficit widened. Friday's report is expected to show that the US added 180,000 jobs in May while the unemployment rate held steady. Bloomberg Economics expects the report to present contradictory views of the labor market: The establishment survey may show robust gains in nonfarm payrolls, while the household survey likely will show the unemployment rate ticking up.

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