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Daily Financial Headlines:
- Private businesses in the US created 278K jobs in May of 2023, compared to a downwardly revised 291K in April and well above forecasts of 170K.
- The number of Americans filing for unemployment benefits rose by 2,000 from the previous week to 232,000 in the week ending May 27th, the most in one month, but below market forecasts of 235,000.
- The ISM Manufacturing PMI in the United States fell to 46.9 in May of 2023 from 47.1 in April, compared to forecasts of 47. The reading indicated a seventh consecutive month of contraction in the manufacturing sector
- US crude oil inventories rose by 4.488 million barrels in the week ending May 26, 2023, compared with market expectations of a 1.386 million draw
- Lululemon lifts annual sales, profit forecasts
- Job Cuts From AI Are Just Beginning, the Latest Challenger Report Suggests. Nearly 4000 people lost their jobs in May due to AI, companies report.
- Microsoft inks deal with Nvidia-backed CoreWeave to meet A.I. computing demand
- Goldman Sachs will cut more jobs in challenging environment
- Mortgage Rates in US Jump, Surging to Highest Since November
- Rivian May Lose Nasdaq Spot After 90% Selloff, JPMorgan Says
- Pentagon awards SpaceX with Ukraine contract for Starlink satellite internet
- Zuckerberg unveils Meta Quest 3 VR headset days before Apple reveals its own
- Nasdaq and S&P 500 close at highest levels since August on optimism over debt ceiling bill
