Trading Week Ahead: GameStop’s $56B eBay Bid & US Jobs Week
U.S. stock markets are sending mixed signals. Even though the S&P 500 is hitting new highs, only a few big stocks are driving the gains, making the rally look a bit weak. In the corporate world, Warren Buffett's Berkshire Hathaway reported strong profits under its new CEO, revealing a massive, record-breaking $397 billion cash pile. Meanwhile, GameStop completely shocked Wall Street with an unexpected $56 billion offer to buy out eBay.
Brace for this week's three key economic events:
👉U.S. ISM Services PMI – 4:00 PM, Tuesday (GMT+2)
A key health check for the U.S. economy. Markets expect a slight dip to 53.8 (down from 54.0). A strong report from the services sector will show the economy is doing well, boost the U.S. dollar, and lower the chances of early interest rate cuts.
👉 U.S. JOLTS Job Openings – 4:00 PM, Tuesday (GMT+2)
A close look at how many workers companies actually need. Forecasts suggest a tiny drop to 6.870 million (down from 6.882 million). A report showing a bigger drop in job openings would mean the job market is cooling down, which brings hope that the Fed will cut interest rates soon.
👉 U.S. Nonfarm Payrolls – 2:30 PM, Friday (GMT+2)
The biggest economic event of the week. Analysts expect a sharp slowdown in hiring, forecasting just 73,000 new jobs (down from 178,000). If this report shows surprisingly high job growth instead, it will force the Fed to wait longer before cutting rates and cause big swings in the market.
Date
Time
Instrument
Event
Tuesday, May. 5
RBA Interest Rate Decision
ISM Services PMI
JOLTS Job Openings
Wednesday, May. 6
ADP Nonfarm Employment Change
Friday, May. 8
Employment Change
Nonfarm Payrolls
Unemployment Rate
Prelim UoM Consumer Sentiment
Prelim UoM Inflation Expectations
*All times in the table are in GMT+2.
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