This month has already been chock-full of important economic and market events.
The Space Exploration Technologies (NASDAQ: SPCX) initial public offering (IPO) was the largest ever, but the markets didn’t have a significant response to it, at least not yet
The May inflation report just came out with the highest rate of inflation since April 2023, and that didn’t move the markets, either. But the latest jobs report two weeks ago, showing strong jobs data, did send the S&P 500 down. That seems counterintuitive, but what the market was really responding to was the fear that a healthy jobs report would push the Federal Reserve to keep interest rates high.
This week could bring bigger swings, though. The next big event is the Federal Reserve’s open market committee meeting this week. If the jobs report swayed the market, the Federal Reserve meeting could move it even more.