Stocks were down to end the week with the Nasdaq and S&P 500 indexes trading sharply lower. Could this be the beginning of the sector rotation that investors have been waiting for? The strong May Jobs report could provide a clue, with healthy hiring in manufacturing and construction, providing a tailwind for many Dow components.
The robust Jobs report also decreases the likelihood of an interest rate cut. That puts the focus on next week’s release of the Consumer Price Index (CPI), which will provide the latest inflation data. But the really big news next week will be the SpaceX IPO scheduled for June 12.
