Traders are looking ahead to the May nonfarm payrolls report due Friday morning.
All three of the major averages are on pace for a winning week. The Dow has a 0.52% gain, while the S&P 500 is higher by 1.43% and the Nasdaq is on pace for a 2.62% advance.for May, due at 8:30 a.m. ET. They will be seeking signs of a weakening labor market, as evidence of a slowing economy may support interest rate cuts from the Federal Reserve. Economists polled by Dow Jones expect that 190,000 jobs were added, and they anticipate that wages grew 3.9% on a year-over-year basis.
A slowing economy is just one reason to remain bullish on the overall market this year, according to Ed Clissold, chief U.S. strategist for Ned Davis Research."There's not a lot of reasons to get off what has so far been a really good year," he said on CNBC's"Closing Bell" on Thursday."The Q1 earnings season is wrapping up, with over 80% of companies beating estimates. looks like Q2 is going to have an acceleration in earnings growth.
The Fed will give its decision on rates next week after its June 11-12 policy meeting. Fed funds futures trading data suggests the central bank will most likely hold rates steady this time, but they imply a roughly 70% chance that policymakers will ease in September, according to the
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