Monday’s Market Update I 03-June-2024

The European Central Bank (ECB) is expected to cut interest rates by 25 basis points on Thursday, marking the first significant move among major central banks in this cycle. Markets anticipate the ECB will initiate multiple rate cuts throughout the year.

Anticipation is high for Friday’s nonfarm payrolls report, projecting continued strength in the U.S. labor market, with an estimated addition of 185,000 jobs for May.

OPEC+ is likely to agree on Sunday to extend its deep oil output cuts into 2024 and potentially even 2025.

Despite all three major U.S. stock indexes posting losses last week, the performance still reflects positivity, with the S&P 500 rising approximately 4.8%, the Nasdaq surging by 6.9%, and the Dow climbing by 2.4%.