Wall Street Rally Runs into May Jobs Report as Fed, AI Moves Hang Over Market
S&P 500 and Nasdaq closed May at record highs, capping nine straight weeks of gains. Investors await Friday’s nonfarm payrolls and key tech earnings from Palo Alto Networks, CrowdStrike, and Broadcom. April’s PCE inflation hit 3.8%, while Q1 GDP growth was cut to 1.6%. Fed officials warn on inflation risks from Iran conflict. Dollar General reports Tuesday. Market focus shifts to economic data and Fed policy meeting June 16-17.