Wall Street was licking its wounds after a week fraught with geopolitical turmoil resulted in mixed market performance. Now it's time for a shortened week with markets closed Monday, May 28, for Memorial Day.
As traders return from there pied-a-terres in the Hamptons and Wall Street enters the unofficial start of those hazy days of summer, these are the things you need to know.
All Eyes Are on the Calendar
It's a major week for data. Here's what Wall Street and Washington have on tap.
At 10 a.m. ET on Tuesday, May 29, the Conference Board will release its May consumer confidence index reading. FactSet economists expect the measure of the public's confidence in the economy's health to read 128, down slightly from the previous month's 128.7.
On Wednesday, May 30, at 8:15 a.m., Automatic Data Processing will release its private sector employment statistics for the month as a precursor to heavyweight nonfarm payroll numbers expected later in the week. Analysts expect ADP's national employment report to show the economy added 182,500 jobs in May, down from 204,100 added in April.
Real gross domestic product for the first quarter is expected at 8:30 a.m. on Wednesday. Economists expect GDP to come in at 2.3%, in line with the previous quarter.
Thursday, May 31, the U.S. Bureau of Economic Analysis will release monthly personal income figures for April at 8:30 a.m., which are expected to stay in line with the previous month at 0.3% growth.
Then it's Friday, June 1. This is the most important calendar day of the week, with highly anticipated jobs statistics expected Friday at 8:30 a.m. Economists expect the U.S. added 190,000 nonfarm jobs in May, up from 164,000 in the previous month. The unemployment rate is forecast to stay at 3.9% again in May, sticking beneath a 17-year low. Hourly earnings are anticipated to grow 0.3% from last month, topping the 0.1% increase tallied in April.
Wait, What's Going On in North Korea?
After President Donald Trump announced that a previously planned and very highly anticipated summit with North Korea would not be happening, markets took a dive into the red. But fear not, gains inspired by Kim Jong Un still stand a chance.
North Korean Vice Foreign Minister Kim Kye Gwan told reporters his country remains opened to solving its issues with Washington and is willing to meet at any time, a statement Trump called "warm and productive." Trump then said Friday that he, too, remains open to a meeting and that one could happen still on the previously planned date of June 12 in Singapore.
"We'll see what happens. It could even be on the 12th. We're talking to them now. They very much want to do it. We'd like to do it," Trump told reporters. Now the clock is ticking. The groundbreaking summit between Trump and Kim could be as little as two-and-a-half weeks away.
Starbucks' Next Test
Get your macchiato early on Tuesday, May 29. Starbucks Corp. (SBUX) will close 8,000 stores that afternoon for four hours to complete unconscious bias training after facing significant criticism for its response to discrimination issues in recent weeks.
The massive coffee chain first came under fire after two black men were arrested for trespassing in a Philadelphia Starbucks in April. A Starbucks employee called police after the men didn't order anything, but the men say they were waiting for a third person to join their party.
The training is set to be the first bit of a months-long campaign to breed better views on identity, class, gender, race, politics and citizenship, Starbucks management said. The activities will include pre-produced video guides and small group discussions, plus video appearances from CEO Kevin Johnson and the musician Common.
Hurricane Season Begins June 1
Don't forget to batten down the hatches, even if the sun is shining now.
Atlantic hurricane season begins June 1 and will last through Nov. 30. The National Oceanic and Atmospheric Administration (NOAA) released its predictions for this hurricane season and forecasts a near normal or above normal season with a 70% likelihood of 10 to 16 named storms forming. Of those, NOAA predicted five to nine could become hurricanes and one to four could become major hurricanes.
While peak hurricane season isn't until mid-August through early October, there already was a tropical system forming in the Gulf of Mexico over Memorial Day weekend; subtropical storm Alberto formed Friday morning and was headed for the Gulf Coast.