Here is what you need to know.
Here comes the jobs report. The US economy is expected to have added 190,000 nonfarm jobs in May, with the unemployment rate holding at 3.9% and average hourly earnings growing 2.6% year-over-year, according to economists surveyed by Bloomberg.
Trudeau says Trump was on the brink of a big trade deal with Mexico and Canada but one confounding demand blew it up. Canadian Prime Minister Justin Trudeau said the US, Canada, and Mexico were at a “final dealmaking moment” on NAFTA before Vice President Mike Pence called and requested the inclusion of a controversial sunset clause.
Italy finally forms a government. Victor Conte has been named prime minister, and both he and his Cabinet will be sworn in Friday.
Spain ousts Rajoy. The Spanish parliament has forced Prime Minister Mariano Rajoy out of office in a vote of no confidence, and the opposition leader Pedro Sanchez has been named as his replacement.
S&P downgrades Deutsche Bank. The ratings agency S&P Global downgraded Deutsche Bank’s long-term credit rating to BBB+ from A- on Friday, citing the bank’s new restructuring plans as the main motivation.
The Netflix of China has become the hottest stock for millennials. iQiyi stock saw 2,611 positions added by Robinhood users over the past week, making it the stock with the most new positions on the app.
The market’s most feared short seller is bullish on Snap and says it could be bought within the next year. “Google could easily give Snap the ‘grownup’ it needs while also saving close to $100 million,” the provocative short seller who founded Citron Research, Andrew Left, said in a note sent out Thursday. “Although we now find out that SNAP has plans for profitability in the neat 12 months, we still question if it will remain independent for that long.”
Stock markets around the world are mixed. China’s Shanghai Composite (-0.66%) lagged in Asia, and France’s CAC (+1.21%) leads in Europe. The S&P 500 is set to open up 0.46% near 2,717.
Earnings reports trickle out. Abercrombie & Fitch reports ahead of the opening bell.
US economic data keeps coming. Aside from the jobs report, Markit US Manufacturing PMI will be released at 9:45 a.m. ET before ISM Manufacturing crosses the wires at 10 a.m. ET. US auto sales will be announced throughout the day. The US 10-year yield is up 2 basis points at 2.88%.
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