Look Out For the U.S. Employment Report: 5 Key Stock Market Indicators This Friday

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Look Out For the U.S. Employment Report: 5 Key Stock Market Indicators This Friday
Credit: © Reuters.

By Laura Sanchez

Investing.com - Investors today are keeping an eye on US employment data, one of the thermometers, along with inflation, used by the US Federal Reserve (Fed) to gauge the health of the US economy.

Oil prices are slightly lower on Friday after the meeting of the Organization of the Petroleum Exporting Countries ( OPEC ).

Cryptocurrencies are mixed this morning.

Here are the five factors investors should consider when making their decisions today:

1. US employment report

This Friday, at 10:30 am ET (14:30 GMT), we will know the US employment report data for May. It is expected that 325,000 nonfarm payrolls will be created, a decrease from the previous month, and that the unemployment rate will fall one-tenth of a percentage point from April, to 3.5%.

2. Post-OPEC oil relief

Good news for oil markets. At yesterday's OPEC meeting it was agreed that the organisation will raise daily pumping by 650,000 barrels in July and August, up from just over 430,000 barrels in recent months.

This morning, WTI crude is trading at $116 and Brent at $117.

3. Cryptocurrencies are mixed

The cryptocurrency sector is trading mixed. Bitcoin is trading at $30,000 and Ethereum at $1,800.

4. Asia and the U.S. stock market

Positive signs today in the main Asian indices. Nikkei is up 1.2%. Hong Kong's Hang Seng and the Shanghai Composite are closed on Friday due to public holidays.

On Wall Street, the market ended yesterday in the green. The S&P 500 (+1.8%), Nasdaq (+2.6%) and Dow Jones (+1.3%) closed higher.

5. Macroeconomic data

The main macroeconomic references in Europe include Germany's exports , imports and trade balance ; industrial production in France; as well as a series of composite and services PMIs in Spain , France , Italy , Germany and the Eurozone .

In the United States, we will see the Services Purchasing Managers Index , as well as the number of Baker Hughes oil rigs.

Follow the day's events on our economic calendar: https://za.investing.com/economic-calendar/

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