Brief
This report covers the 22nd week of the year spanning Friday, May 26th, through Friday, June 2nd, 2023.
- U.S. Congress passes bill to suspend the Federal debt ceiling of 31.381 Trillion until January 1st 2025
- Solana (SOL) is the top performing asset up 118.1% YTD
- Government Payroll (employee count) increased by 56,000 in May
- Unit Labor Productivity declined by 2.1% while Unit Labor Costs increased by 4.2% for Q1
- Natural Gas fell 10.1% last week, down 47% YTD just barely above prices not seen since September 2020
- S&P500 Materials and Industrials Sectors both flipped back to positive YTD
- Sunspots: Every day in May (31 consecutive days) the number of daily sunspots exceeded 100
Economic Reports
Monday May 29th
- Markets were closed in Observance of Memorial Day
Tuesday May 30th
- Consumer Confidence for May was 102.3, more than the expected 99.5 but less than last month’s 103.7
Wednesday May 31st
- Chicago PMI for May was 40.4, less than the expected 46.1 and less than last month’s 48.6
- JOLTS – Job Openings for April was 10.103M, more than last month’s 9.745M
Thursday June 1st
- Initial Jobless Claims for last week increased by 2,000 to 232,000 new claims, less than the expected 233,000
- Continuing Jobless Claims decreased by 6,000 to 1.795 million
- ADP Employment Change for May was 278K, more than the expected 160K and less than last month’s 291K
- Unit Labor Costs Revised for Q1 increased 4.2%, less than the expected increase of 6.3% and less than last quarter’s increase of 6.3%
- Unit Labor Productivity Revised for Q1 declined by 2.1%, slightly better than the expected decline of 2.7%
- IHS Markit Manufacturing PMI – Final for May was 48.4, less than last month’s 48.5
- ISM Manufacturing Index for May was 46.9, less than the expected 47.1 and less than last month’s 47.1
- Construction Spending for April increased 1.2%, more than the expected increase of 0.2% and more than last month’s increase of 0.3%
Friday June 2nd
- Nonfarm Payrolls for May increased 339K, more than the expected increase of 190K and more than last month’s increase of 294K
- Nonfarm Private Payrolls for May increased 283K, more than the expected increase of 177K and more than last month’s increase of 253K
- Avg. Hourly Earnings for May increased 0.3%, less than the expected increase of 0.3% and less than last month’s increase of 0.4%
- Unemployment Rate for May increased 3.7%, more than the expected increase of 3.5% and more than last month’s increase of 3.4%
- Average Workweek for May was 34.3, less than the expected 34.4 and less than last month’s 34.4
Next Week’s Major Reports
- ISM Non-Manufacturing Index – Monday June 5th
See more Economic News at Briefing.com or learn about each economic report on our education page
US Stocks
US stocks were up across the board ending the week on highs after the US Congress agreed on debt ceiling bill preventing government default and shutdown. The market averaged a gain of 2.1% for the week with Consumer Discretionary leading the rise, the sector gained 3.27% followed closely by the Real Estate sector up 3.07%.
| Index | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| DJIA | 33,762.76 | 669.42 | 2.02% | 32,704.51 | 33,805.00 | 1.86% | ||
| Nasdaq | 13,240.77 | 265.08 | 2.04% | 12,889.37 | 13,256.21 | 26.51% | ||
| S&P 500 | 4,282.37 | 76.92 | 1.83% | 4,166.15 | 4,290.67 | 11.53% | ||
| Wilshire 5000 | 42,305.67 | 868.41 | 2.10% | 41,204.16 | 42,305.67 | 11.11% |
| Index | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| Communication Services | 213.29 | 2.37 | 1.12% | 210.66 | 213.29 | 33.83% | ||
| Consumer Discretionary | 1,228.92 | 38.91 | 3.27% | 1,188.04 | 1,228.92 | 22.22% | ||
| Consumer Staples | 766.99 | 2.15 | 0.28% | 756.44 | 766.99 | -1.56% | ||
| Energy | 610.41 | 7.90 | 1.31% | 585.66 | 610.41 | -9.21% | ||
| Financials | 544.11 | 11.29 | 2.12% | 526.72 | 544.11 | -4.50% | ||
| Health Care | 1,516.22 | 32.49 | 2.19% | 1,473.78 | 1,516.22 | -4.37% | ||
| Industrials | 851.69 | 21.30 | 2.57% | 816.88 | 851.69 | 2.44% | ||
| Information Technology | 2,949.82 | 39.86 | 1.37% | 2,896.25 | 2,949.82 | 35.80% | ||
| Materials | 492.95 | 13.74 | 2.87% | 471.02 | 492.95 | 0.69% | ||
| Real Estate | 230.54 | 6.86 | 3.07% | 224.29 | 230.54 | -0.79% | ||
| Utilities | 328.70 | 2.57 | 0.79% | 324.86 | 328.70 | -8.31% |
Global Stocks
| Index | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| UK FTSE 100 | 7,607.28 | -19.92 | -0.26% | 7,445.30 | 7,628.12 | 2.09% | ||
| France CAC 40 | 7,270.69 | -48.49 | -0.66% | 7,083.60 | 7,356.57 | 12.31% | ||
| Spain IBEX 35 | 9,317.30 | 126.20 | 1.37% | 9,034.90 | 9,324.80 | 13.22% | ||
| Germany DAX 40 | 16,051.23 | 67.26 | 0.42% | 15,629.12 | 16,079.73 | 15.28% | ||
| India BSE Sensex | 62,547.11 | 45.42 | 0.07% | 62,359.14 | 63,036.12 | 2.80% | ||
| China Shanghai Comp | 3,230.07 | 17.57 | 0.55% | 3,186.63 | 3,233.99 | 4.56% | ||
| HK Hang Seng 50 | 18,949.94 | 203.02 | 1.08% | 18,044.86 | 19,024.91 | -4.20% | ||
| Japan Nikkei 225 | 31,524.22 | 607.91 | 1.97% | 30,785.98 | 31,560.43 | 20.81% | ||
| Australia ASX 200 | 7,145.10 | -9.70 | -0.14% | 7,077.90 | 7,254.80 | 1.51% |
Currencies
| Currency | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| CAD Canadian Dollar | 1.3430 | -0.0186 | -1.37% | 1.3408 | 1.3655 | -0.91% | ||
| MXN Mexican Peso | 17.5563 | -0.0745 | -0.42% | 17.4211 | 17.7717 | -9.91% | ||
| COP Colombian Peso | 4,346.00 | -100.50 | -2.26% | 4,331.67 | 4,503.48 | -10.37% | ||
| BRL Brazilian Real | 4.9573 | -0.0364 | -0.73% | 4.9458 | 5.1229 | -6.20% | ||
| GBP British Pound Sterling | 0.8032 | -0.0069 | -0.85% | 0.7971 | 0.8113 | -2.83% | ||
| EUR Euro | 0.9338 | 0.0017 | 0.18% | 0.9277 | 0.9403 | -0.06% | ||
| CHF Swiss Franc | 0.9090 | 0.0039 | 0.43% | 0.9004 | 0.9149 | -1.74% | ||
| CZK Czech Koruna | 22.0476 | -0.0134 | -0.06% | 21.9490 | 22.3323 | -2.31% | ||
| NOK Norwegian Krone | 11.0230 | -0.0391 | -0.35% | 10.9574 | 11.2867 | 12.38% | ||
| SEK Swedish Krona | 10.7964 | -0.0155 | -0.14% | 10.6839 | 10.9580 | 3.44% | ||
| RUB Russian Ruble | 80.80 | 1.80 | 2.28% | 75.19 | 82.22 | 9.56% | ||
| SAR Saudi Riyal | 3.7508 | 0.0003 | 0.01% | 3.7483 | 3.7534 | -0.19% | ||
| AED UAE Dirham | 3.6730 | 0.0008 | 0.02% | 3.6715 | 3.6732 | 0.01% | ||
| INR Indian Rupee | 82.40 | -0.16 | -0.19% | 82.26 | 82.80 | -0.42% | ||
| THB Thai Baht | 34.77 | 0.03 | 0.09% | 34.47 | 34.90 | 0.43% | ||
| SGD Singapore Dollar | 1.3499 | -0.0022 | -0.16% | 1.3432 | 1.3563 | 0.67% | ||
| MYR Malaysian Ringgit | 4.5775 | -0.0235 | -0.51% | 4.5765 | 4.6248 | 3.92% | ||
| CNH Chinese Yuan | 7.1092 | 0.0392 | 0.55% | 7.0671 | 7.1399 | 2.71% | ||
| HKD Hong Kong Dollar | 7.8378 | 0.0040 | 0.05% | 7.8232 | 7.8414 | 0.40% | ||
| KRW South Korean Won | 1,306.25 | -17.16 | -1.30% | 1,298.62 | 1,328.26 | 3.51% | ||
| JPY Japanese Yen | 139.97 | -0.67 | -0.48% | 138.49 | 140.93 | 6.75% | ||
| AUD Australian Dollar | 1.5154 | -0.0190 | -1.24% | 1.5063 | 1.5485 | 3.43% | ||
| NZD New Zealand Dollar | 1.6504 | -0.0036 | -0.22% | 1.6361 | 1.6708 | 4.80% |
* Rates are quoted as the amount of local currency to buy 1 US Dollar.
Commodities
- Average US Regular Gas Price – increased 3.7 cents or 1.05% this week to $3.571 a gallon. See more about US Regular Gas Prices.
- EIA Crude Oil Inventories – increased by 4.49M barrels last week compared to prior week decrease of 12.46M
- EIA Natural Gas Inventories – increased 110 bcf last week compared to prior week increase of 96 bcf (billion cubic feet)
| Commodity | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|
| Gold | 1,969.60 | 25.30 | 1.30% | 1,949.60 | 2,000.70 | 7.85% | ||
| Silver | 23.75 | 0.39 | 1.66% | 23.03 | 24.12 | -1.22% | ||
| Platinum | 1,003.50 | -24.60 | -2.39% | 997.40 | 1,046.00 | -7.33% | ||
| Palladium | 1,403.50 | -20.00 | -1.40% | 1,351.00 | 1,445.00 | -21.94% | ||
| Crude Oil | 71.74 | -0.93 | -1.28% | 67.03 | 73.36 | -10.62% | ||
| Natural Gas | 2.1720 | -0.2450 | -10.14% | 2.1360 | 2.4100 | -47.08% | ||
| Lumber | 481.50 | -5.50 | -1.13% | 478.00 | 489.50 | 28.85% | ||
| Steel (HRC) | 940.00 | 5.00 | 0.53% | 930.00 | 950.00 | 26.34% | ||
| Copper | 3.7275 | 0.0455 | 1.24% | 3.6220 | 3.7890 | -2.18% | ||
| Corn | 6.0900 | 0.0500 | 0.83% | 5.7750 | 6.1050 | -10.24% | ||
| Wheat | 6.1900 | 0.0300 | 0.49% | 5.7325 | 6.2250 | -21.84% | ||
| Soybeans | 13.5250 | 0.1525 | 1.14% | 12.7075 | 13.5525 | -11.25% | ||
| Coffee | 1.8030 | -0.0130 | -0.72% | 1.7555 | 1.8780 | 7.77% | ||
| Cattle | 1.7290 | 0.0773 | 4.68% | 1.6540 | 1.7425 | 9.50% | ||
| Lean Hogs | 0.8465 | 0.0988 | 13.21% | 0.7525 | 0.8490 | -3.48% |
Interest Rates
- Federal Funds Effective Rate – remained the same this week at 5.08% with the target rate between 5.00-5.25% since the May 3rd, 2023 increase of 25 basis points. See more about the Federal Funds Rate.
- 30 Year Average US Mortgage Rates – increased this week to 6.79% from 6.57% last week. Learn more about 30 year mortgage rates.
- MBA Mortgage Applications Index – decreased by 3.7% this week compared to the prior week decrease of 4.6%
| Maturity | Week Close | Week Change | Low | Week Range | High | |
|---|---|---|---|---|---|---|
| US 1 Month | 5.123% | -0.426% | 4.992% | 5.577% | ||
| US 3 Month | 5.375% | 0.107% | 5.260% | 5.435% | ||
| US 1 Year | 5.243% | -0.003% | 5.105% | 5.271% | ||
| US 5 Year | 3.849% | -0.082% | 3.666% | 3.931% | ||
| US 10 Year | 3.699% | -0.107% | 3.576% | 3.806% | ||
| US 30 Year | 3.886% | -0.075% | 3.806% | 3.961% |
Cryptocurrencies
- Total Crypto Market Cap – increased 3.23% or 35.82B this week to 1,145B
| Rank* | Crypto | Week Close | Week Change | Change % | Low | Week Range | High | YTD Performance | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | BTC | 27,232.85 | 529.64 | 1.98% | 26,613.13 | 28,414.86 | 64.57% | ||
| 2 | ETH | 1,907.01 | 77.71 | 4.25% | 1,821.34 | 1,920.20 | 59.35% | ||
| 3 | BNB | 306.68 | -0.69 | -0.23% | 303.18 | 316.75 | 24.49% | ||
| 4 | XRP | 0.5253 | 0.0553 | 11.77% | 0.4673 | 0.5273 | 54.53% | ||
| 5 | ADA | 0.3782 | 0.0154 | 4.24% | 0.3614 | 0.3863 | 53.42% | ||
| 6 | DOGE | 0.0726 | 0.0015 | 2.17% | 0.0708 | 0.0740 | 3.30% | ||
| 7 | SOL | 21.72 | 1.69 | 8.45% | 19.45 | 21.80 | 118.09% | ||
| 8 | MATIC | 0.9003 | -0.0112 | -1.23% | 0.8791 | 0.9531 | 18.70% | ||
| 9 | TRX | 0.0827 | 0.0075 | 10.01% | 0.0740 | 0.0832 | 51.70% | ||
| 10 | LTC | 95.36 | 7.85 | 8.97% | 87.38 | 95.57 | 36.23% |
* Rank is based on market cap of non-stablecoins.
Other Fascinating Stats
The US National Debt increased 2.84 billion (Wednesday May 24th to Wednesday May 31st), to a total debt of $31,464,457,465,522.98 according to the Treasury Department. The National Debt Ceiling of 31.381 trillion has been suspended as of June 1st 2023 until January 1st 2025. See the Debt to the Penny.
The number of solar Sunspots (magnetic storms on the surface of the sun facing Earth) has increased this week to 143 from 121 last week, the sun has had 0 spotless days in 2023. See more about Sunspots and space weather.
NASA has cataloged 0 new exoplanets this week, the total has remained the same at 5,419 confirmed and catalogued Exoplanets across 4,170 confirmed Planetary Systems. 178 Exoplanets have been confirmed this year so far and there are 9,631 Exoplanet Candidates being evaluated for confirmation. Learn about all of the Exoplanets from NASA’s Exoplanet Catalog.