Greg Branch, Managing Partner of Veritas Financial, Michael Lee of Michael Lee Strategy and JoAnne Feeney, Partner of Capital Management, offer insights into today’s markets, inflation fears, earnings, the Federal Reserve and cryptocurrencies.

Financial markets are closed on Monday for the Memorial Day holidays, but the busy week will kick in as investors receive a surge of economic data including ADP employment, non-farm payrolls and the Beige Book, and more Key merits.

One of the biggest cryptocurrency events of the year, the 2021 Bitcoin Conference, will also be in the spotlight later this week.

ticker security Latest change Change%
Me: DJI DOW JONES AVERAGE 34529.45 +64.81 + 0.19%
SP500 S&P 500 4204.11 +3.23 + 0.08%
I: COMP NASDAQ COMPOSITE INDEX 13748.738578 +12.46 + 0.09%

This is because the Dow Jones Industrial Average and S&P 500 are near record highs. The Nasdaq Composite is slightly below its own.

FOX Business takes a look at the upcoming events that are likely to move the financial markets in the coming days.

Monday 5/31

Even with the Holidays on Memorial Day, it’s the deadline by which the small businesses can apply for the final round of funding for the paycheck protection program.

According to the Small Business Administration on May 23, more than $ 795 billion has been raised through more than 11.6 billion loans since the rescue fund was launched in March 2020. Only a fraction of the $ 292 billion Congress allocated to the rescue fund this year remains – most of that is reserved for financial lenders serving underserved communities.

Companies with fewer than 500 employees could get up to $ 10 million through the program and must spend at least 60% of the money on maintaining payroll for the government to extend the full credit. The remaining 40% could be spent on operating expenses such as mortgages, rents and utilities. Only companies with 300 or fewer employees were eligible for a second loan, which was capped at $ 2 million.

Tuesday 6/1

At the start of the weekly results on Tuesday, Hewlett-Packard Enterprise and Zoom Video Communications are leading the way. The IPO of SoFi Technologies is also to be traded on the New York Stock Exchange under the ticker symbol SOFI.

ticker security Latest change Change%
HPE HEWLETT-PACKARD ENTERPRISE CO. 15.94 -0.42 -2.57%
ZM ZOOM VIDEO COMMUNICATIONS, INC. 331.53 +5.10 + 1.56%

Economic data to watch on Tuesday includes the PMI for ISM manufacturing, construction spending, and vehicle sales.

President Joe Biden speaks about the COVID-19 relief package in the State Dining Room of the White House on Monday, March 15, 2021 in Washington. (AP Photo / Patrick Semansky)

Tuesday also marks 100 years since the Tulsa Race Massacre. The White House confirmed that President Biden will visit the city to commemorate the anniversary and meet with massacre survivors aged 101-107. Biden will also stop at the Greenwood Cultural Center. Additional details about the trip have not been released.

In 1921, a white mob attacked a predominantly black neighborhood in Tulsa known as Black Wall Street. Companies there were destroyed and hundreds of people killed. A 2001 state commission report found the destruction resulted in riot claims of $ 1.8 million against the city, which is $ 27 million today.

Wednesday 6/2

The earnings continue during the week with Advance Auto Parts and Lands’ End ahead of the market opening on Wednesday, while Endeavor Group Holdings, NetApp and PVH after the bell.

ticker security Latest change Change%
AAP ADVANCE AUTO PARTS 190.06 +2.15 + 1.14%
THE COUNTRY END 25.61 +0.66 + 2.65%
EDR EFFORT 29.66 +1.16 + 4.07%
NTAP NETAPP, INC. 77.37 -1.61 -2.04%
PVH PVH CORP. 114.73 -1.43 -1.23%

Investors will also pay close attention to the Beige Book, which will provide the latest analysis on economic conditions in the US as restrictions associated with COVID-19 ease.

ticker security Latest change Change%
TOLL GREAT BROTHERS 65.24 +0.08 + 0.12%

Another stock that will be seen on Wednesday is Toll Brothers, which will be hosting a virtual analyst and investor day. The luxury real estate developer will introduce executives like Chairman and CEO Douglas Yearley.

Thursday, June 3rd

Thursday will be the busiest day for the markets as a number of companies including JM Smucker, Broadcom, Lululemon and Slack Technologies will be profitable.

ticker security Latest change Change%
SJM JM SMUCKER CO. 133.23 +0.86 + 0.65%
AVGO BROADCOM, INC. 472.33 +4.65 + 0.99%
LULU LULULEMON ATHLETICA, INC. 323.13 -4.98 -1.52%
JOB SLACK TECHNOLOGIES, INC. 44.05 +1.20 + 2.80%

The ADP’s National Employment Index will be Thursday’s main event, a precursor to Friday’s monthly job report. Investors will also watch challenger layoffs, initial and ongoing jobless claims, the ISM non-manufacturing PMI, and the Energy Information Administration’s weekly crude stocks.

ticker security Latest change Change%
NVDA NVIDIA CORP. 649.78 +30.26 + 4.88%

NVIDIA will also be a stock to watch when shareholders vote on a 4-for-1 stock split to increase the number of approved common shares to 4 billion.

If approval is obtained, each NVIDIA shareholder of record for close of business on June 21st will receive a dividend of three additional common shares for each share held on the record date, distributed after close of trading on July 19th. Trading is expected to begin on July 20th on a stock split adjusted basis.

ticker security Latest change Change%
NOK NIO INC. 38.62 -0.33 -0.85%

On the automotive news, Kia is taking reservations for its EV6 crossover vehicle. Chinese automaker Nio will also hold an extraordinary general meeting to increase diversity on its board of directors.

ticker security Latest change Change%
BITQ EXCHANGE TRADED CONCEPTS TRUST BITWISE CRYPTO INNOVATORS E. 22.35 -0.94 -4.04%
COIN COINBASE GLOBAL 236.54 -10.55 -4.27%

Cryptocurrencies will also dominate the market headlines on Thursday when the 2021 Bitcoin conference kicks off in Miami. The event, which runs through Saturday, will feature appearances from Jack Dorsey, CEO of Twitter, Michael Saylor, CEO of MicroStrategy, Chamath Palihapitiya, venture capitalist Tony Hawk and cryptologist and legal scholar Nick Szabo.

Friday 6/4

The week ends on a high level with the June job report after the surprising increase of just 266,000 jobs last month, which is below the expected more than 900,000, and the unemployment rate surge to 6.1%.

JUNE JOBS REPORT

Economists estimate that employers created 674,000 jobs in the past month and the unemployment rate has fallen to 5.9%.

FOX Business’s Larry Kudlow reacts to April’s job report.

Other economic reports to watch include durable goods and factory orders.

Elsewhere, Treasury Secretary Janet Yellen will make her first trip abroad to London, where she will attend the G7 finance meeting, which will take place Friday through Saturday.

According to the Treasury Department, Yellen will use the trip to “increase US commitment to policy priorities to fuel the global recovery from the COVID-19 pandemic, including supportive tax policies, access to vaccines and distribution”.

Meanwhile, Federal Reserve Chairman Jerome Powell will be attending a panel in front of the Bank for International Settlements’ virtual Green Swan Conference: Coordinating Finance on Climate.