What to Expect in Markets This Week: The May Jobs Report, Plus Tech and Retailer Earnings

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What to Expect in Markets This Week: The May Jobs Report, Plus Tech and Retailer Earnings

Dollar General is slated to report earnings this week.
Credit: Jakub Porzycki / NurPhoto via Getty Images

Investor focus will shift from Wall Street to Main Street over the course of the week, with quarterly results from a few big names in tech and retail landing ahead of a key labor market update.

May jobs numbers are slated to arrive Friday, capping off a confusing period for labor economists. Employers hired vastly more than expected in April and May, but experts are divided on what to make of the data. Some economists believe the labor market is rallying after a sluggish 2025. Others say the growth reflects surging demand for health care workers, brought on by an aging population, rather than economic expansion. They’re also unsure if recent data has captured how war with Iran is altering the economy.

Unemployment remains low by historic standards. But job hunting is requiring more endurance than it once did. A quarter of unemployed people have been looking for work for more than a year, according to one recent survey.

Analysts wonder whether jobs numbers and other economic indicators will move markets more under new Fed Chair Kevin Warsh. Warsh, who is slated to preside over his first Fed policy committee meeting in mid-June, believes the Fed shares too much information about its approach, and then becomes beholden to the public’s expectations. If investors hear less about inflation and interest rates from the Fed, they may rely more on alternative indicators for clues, analysts said.

Investors have some notable earnings reports to parse before the jobs report. Dollar General and Five Below are among those set to publish results this week, which may shed light on how lower-income households are handling inflation. A number of tech companies are also slated to report, including Palo Alto Networks, CrowdStrike, and Broadcom.

Market Recap

The major stock indexes finished a month of gains at record highs, buoyed by enthusiasm for tech stocks and softer-than-expected inflation data. Oil prices fell, with the continuous contract for West Texas Intermediate futures ending the week down about 9%, as the U.S. and Iran continued to negotiate an end to the war. For more, read the Friday market recap here.

This Week’s Top Events

Here’s a look at major events on tap throughout the week. TradingView publishes a more detailed calendar, but clicking the link will take you off the Investopedia site.

Sunday, May 31: Nvidia (NVDA) CEO Jensen Huang is slated to give the keynote address at Computex Taipei, an expo on AI, computing, and robotics. His speech is scheduled for 11 a.m. local time on Monday, which is 11 p.m. ET on Sunday. A replay will be available online.
Tuesday, June 2: Dollar General (DG) is scheduled to host a conference call on its first-quarter results at 9 a.m. ET, with the figures expected earlier in the morning. Shares of the retailer have drifted in recent months amid concerns that inflation may stifle sales from low-income households. Investors are set to get additional updates from discount retailers when Ollie’s Bargain Outlet Holdings (OLLI) and Five Below (FIVE) report on Wednesday.
Tuesday: Palo Alto Networks (PANW) is set to publish its fiscal third-quarter results after the closing bell, followed by a video webcast at 4:30 p.m. ET. Palo Alto Networks beat expectations last quarter, but lowered its full-year outlook because it was spending more than anticipated on integrating acquisitions. CrowdStrike (CRWD) is slated to report its results Wednesday.
Wednesday, June 3: The Federal Reserve is scheduled to publish the Beige Book at 2 p.m. ET. The publication uses anecdotal information to analyze economic conditions in various sectors and regions.
Wednesday: Broadcom Inc. (AVGO) is set to host a conference call on its fiscal second-quarter results at 5 p.m. ET, with the figures expected to be released shortly beforehand. Deals with Meta Platforms (META), Google (GOOGL) and Anthropic have lifted the chip designer’s shares more than 25% this year. Broadcom topped analyst estimates last quarter.
Thursday, June 4: Lululemon Athletica (LULU) is slated to report its fiscal first-quarter results after markets close and host a conference call at 4:30 p.m. ET. The activewear company—which is preparing to welcome a new CEO—last week announced plans to add two board members as part of a deal to end a dispute with founder Chip Wilson. Shares of Lululemon rose, but remain 60% below where they were a year ago.
Friday, June 5: The Bureau of Labor Statistics plans to release the May jobs report at 8:30 a.m. ET. Employers added 115,000 jobs in April—down from 178,000 in March—and the unemployment rate was flat at 4.3%.