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Wall Street’s major market averages moved lower on Friday as traders assessed May’s labor report, while tech continued to be under pressure. On the economic front, nonfarm payrolls soared past consensus in May, while the unemployment rate stood at 4.3%.
The next week is expected to be relatively quiet on both the economic and the earnings front, with no economic data scheduled for Monday. On Tuesday, existing home sales data for May will be released, followed by the monthly CPI data on Wednesday. Thursday will see the release of the PPI number for May alongside initial jobless claims numbers.
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Earnings spotlight: Wednesday: Oracle (ORCL) and Chewy (CHWY). See the full earnings calendar.
Earnings spotlight: Thursday: Adobe (ADBE) and Aurora Cannabis (ACB). See the full earnings calendar.
Volatility watch: Seabridge Global (SA) and Medical Properties Trust (MPT) have seen options volatility increase over the last week. The most overbought stocks per their 14-day relative strength index include Laser Photonics (LASE), Solidion Technology (STI), and Netclass Technology (NTCL). The most oversold stocks per their 14-day Relative Strength Index include Mountain Lake Acquisition (MLAC) and ADC Therapeutics (ADCT). Short interest is elevated once again on Groupon (GRPN) and Vital Farms (VITL).
Dividend watch: Companies that have an ex-dividend date coming next week include Alphabet (GOOG) (GOOGL), Occidental Petroleum (OXY), Travelers (TRV), and Taiwan Semiconductor Manufacturing Company (TSM).
IPO watch: SpaceX (SPCX) will dominate IPO talk with the aerospace giant positioned to start trading on June 12 at a preset pricing level of $135 per
