The Market Brief
Hey team. Global stocks started the new month under pressure as an escalation in global trade tensions and geopolitical uncertainty weakened investor confidence.
Let’s see what’s ahead for this market!
Impact Snapshot
🟥 Manufacturing PMI - 10:00am
🟥 Fed Chair Powell Speaks - 1:00pm
Macro Viewpoint
The S&P 500 wrapped up May with a 5.6% gain, marking its strongest monthly showing since last November—and the best May performance going all the way back to 1997.
U.S. futures are under pressure early Monday as tensions in the trade war ramp up. Both the U.S. and China are accusing each other of breaking recent agreements, with rare earth exports from China potentially at the center of it all.
Meanwhile, Trump has doubled steel tariffs from 25% to 50%, drawing criticism from both Canada and the EU.
Last week added more uncertainty around trade policy after a U.S. Court of International Trade decision ruled against tariffs under IEEPA. That decision could still be overturned—or sidestepped entirely using different legal routes.
This week, the big focus will be on the NFP and ISM data, with ADP, JOLTS, and jobless claims also on the radar but carrying a bit less weight. For today, ISM Manufacturing will be the main macro data to watch.
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