MARKET RECAP at 4 pm ET

Wall Street ended mixed, pressured by

concerns about a debt ceiling deal but
Coming Up
supported by a surge in Nvidia's On the economic front, the Labor communities, analyzing the reliability of
shares. Treasury yields declined. The Department is scheduled to release its its methane disclosures, and to set
dollar slipped against the yen after Job Openings and Labor Turnover near-term reduction targets for its
Japanese officials met in response to a Survey, or JOLTS report, for April. The greenhouse gas emissions.
weakening of their currency, while gold report is likely to show 9.375 million job Separately, Chevron Corp
prices firmed. Oil prices fell ahead of openings, down from 9.59 million in the shareholders are expected to vote on
the OPEC+ meeting this weekend. previous month. Additionally, the proposals asking the company to
Chicago purchasing managers' remove any emissions reductions from
index (PMI) is scheduled for release its targets when properties are sold or
STOCKS Close Chng % Chng Yr-high Yr-low and is likely to deliver a reading of 47 in spun off, establish a committee to
DJIA 33042.85 -50.49 -0.15 34712.28 28660.94 May, down from 48.6 in the previous evaluate decarbonization risks, weigh
Nasdaq 13017.43 41.74 0.32 13001.91 10265.04 month. social impact of facility closures, and to
S&P 500 4205.59 0.14 0.00 4212.91 3794.33 conduct a racial equity audit of its
Toronto 19739.70 -228.25 -1.14 21036.35 17873.18 Exxon Mobil Corp investors are policies and practices.
FTSE 7522.07 -105.13 -1.38 8047.06 7206.82 scheduled to vote on climate-related
Eurofirst 1809.14 -18.25 -1.00 1863.26 1678.85 proposals to issue reports on how plant The Federal Deposit Insurance
Nikkei 31328.16 94.62 0.30 31560.43 25661.89 closings affect workers and Corporation is scheduled to publish its
Hang Seng 18595.78 44.67 0.24 22700.85 18517.86

TREASURIES Yield Price

10-year 3.6846 35 /32

2-year 4.4522 8 /32
5-year 3.8032 21 /32
30-year 3.8931 45 /32

FOREX Last % Chng

Euro/Dollar 1.0726 0.20

Dollar/Yen 139.78 -0.47
Sterling/Dollar 1.2405 0.44
Dollar/CAD 1.3595 0.06
USD/CNH (Offshore) 7.0893 0.06

COMMODITIES ($) Price Chng % Chng

Front Month Crude /barrel 69.74 -2.93 -4.03 Exxon Mobil logo and stock graph are seen through a magnifier displayed in this illustration tak-
Spot gold (NY/oz) 1959.34 16.50 0.85 en September 4, 2022. REUTERS/Dado Ruvic
Copper U.S. (front month/lb) 0.0366 -0.0002 -0.53
CRB Index Total Return 282.86 -5.60 -1.94

S&P 500 Price $ Chng % Chng

KEY ECONOMIC EVENTS
GAINERS
Paramount Global 15.86 0.95 6.37 Events ET Poll Prior
Enphase Energy Inc 174.12 8.92 5.40
Chicago PMI for May 0945 47.0 48.6
Qualcomm Inc 116.00 5.65 5.12
LOSERS JOLTS job openings for Apr 1000 9.375 mln 9.590 mln
Target Corp 133.80 -5.13 -3.69 Texas Services Sector Outlook for May 1030 -- -14.4
Mondelez International Inc 72.37 -2.76 -3.67
Dallas Federal Services Revenues for May 1030 -- 6.9
Comerica Inc 37.59 -1.40 -3.59
quarterly earnings report for the first
quarter of 2023, providing the most
comprehensive glimpse yet into how
the sector navigated recent regional
bank turmoil.

Salesforce Inc is expected to post a

rise in first-quarter revenue as hybrid
work trends helped to maintain a strong
demand for its cloud-based software.

Federal Reserve Bank of Boston

President Susan Collins and Federal
Reserve Board Governor Michelle
Bowman are scheduled to give
opening remarks before a hybrid "Fed
Listens" event to discuss challenges
and opportunities following the
disruptions of the COVID-19
pandemic, at Boston, Massachusetts.
Collins is also scheduled to give
closing remarks before a hybrid "Fed A file photo of a logo of Salesforce, seen at its exhibition space, at the Viva Technology conference
Listens" event to discuss challenges at the Porte de Versailles exhibition center in Paris, France June 16, 2022. REUTERS/Benoit
Tessier
and opportunities following the
disruptions of the COVID-19 pandemic.
Meanwhile, Federal Reserve Board
Governor Philip Jefferson is scheduled Nordstrom Inc is expected to post a is expected to present at the 39th
to speak virtually on "Financial Stability fall in first-quarter revenue after Annual Bernstein Strategic
and the U.S. Economy" to the 22nd markets close, as persistent inflation Decisions Conference.
Annual International Conference on pinches consumer spending and
Policy Challenges for the Financial dents demand for discretionary items Brazil is expected to report its
Sector, at Washington. Separately, like clothing. Investors will be watching unemployment rate in the three
Philadelphia Fed President Patrick out for the department store chain's months through April. Meanwhile,
Harker is expected to participate in a forecasts, margin levels and efforts Chile's statistics agency INE is
fireside chat on the global it is taking to boost business at its off- expected to release the nation's
macroeconomy and monetary price Rack chain. manufacturing production for
conditions before the Official April. Chile is also expected to release
Monetary and Financial Institutions Wells Fargo & Company Chief its unemployment rate for April.
Forum. Executive Officer Charlie Scharf

2
Market Monitor
Stocks on Wall Street closed mixed,
pressured by worries about U.S.
lawmakers opposed to a deal to raise
the $31.4 trillion debt ceiling, but
supported by another surge in Nvidia
shares that briefly lifted the chipmaker
into the rare club of companies valued
at $1 trillion. "Getting the debt ceiling
legislation signed into law is not going
to take away the other overhangs that
are still out there on the market," said
Anthony Saglimbene, chief market
strategist at Ameriprise Financial in
Troy, Michigan. Nvidia's shares rose
2.72. The Dow Jones Industrial
Average fell 0.15% to 33,042.85, the
S&P 500 was flat at 4205.60 and the
Nasdaq Composite added 0.32% to
13,017.42.

The benchmark U.S. 10-year Treasury

yield declined as a deal to raise the
U.S. debt ceiling and avoid potential
default reassured investors. "As the
probability of a delayed payment
declines, the rally in the front-end of the
US rates market has the fundamental
backing that will make it sustainable,"
wrote BMO Capital Markets analysts
Benjamin Jeffery and Ian Lyngen in a
note to investors. Benchmark 10-year
notes rose 1-4/32 to yield 3.6827%.
Two-year notes rose 9/32 to yield
4.4480%. 30-year bonds rose 1-14/32,
yielding 3.8904%.
The dollar slipped against the yen after
Japanese officials gave their currency
a nudge. Japan will closely watch
currency market moves and respond
"appropriately" as needed, the
country's top currency diplomat said
after financial authorities met in
response to a weakening in the yen.
The dollar slipped 0.48% against the
Japanese yen to 139.76 yen. The
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May
30. REUTERS/Brendan McDermid
dollar index was last down 0.13% at
104.07, after hitting a 10-week high of
104.53 earlier.
Oil prices tumbled on concerns about
whether the U.S. Congress will pass
the U.S. debt ceiling pact and as mixed
messages from major producers
clouded the supply outlook ahead of
the OPEC+ meeting this weekend.
"The big elephant in the room is the
continued drama over the debt ceiling,"
said Phil Flynn, an analyst at Price
Futures Group. "Until we get the votes,
the market is going to be on edge." The
debt deadline nearly coincides with the
June 4 meeting of OPEC+. Traders
were uncertain about whether the
group will increase output cuts as a
slump in prices weighs on the market.
Brent crude futures fell 4.20% to
$73.83 a barrel. U.S. West Texas
Intermediate crude (WTI) was down
4.03% to $69.74 a barrel.
Gold rose, as the dollar pulled back
and Treasury yields slid on wider
market optimism about the U.S. debt
ceiling deal. Spot gold rose 0.86% to
$1,959.45 per ounce. U.S. gold
futures were 0.80% higher at
$1,958.80 an ounce. Along with these
positive elements, "you could also see
some fund managers squaring up
positions at the end of the month,
taking profits on their short positions
and buying back", said Jim Wyckoff,
senior analyst at Kitco Metals. "In the
near term, gold prices are going to
trade sideways to lower until we see a
fresh catalyst."

3
Top News
Nvidia joins $1 trillion valuation club
on booming AI demand
Nvidia joined an elite club of U.S.
companies sporting a $1 trillion market
value, as investors piled into the
chipmaker that has quickly become
one of the biggest winners of the AI
boom. The stock's value has tripled in
less then eight months, reflecting the
surge in interest in artificial intelligence
following rapid advances in generative
AI, which can engage in human-like
conversation and craft everything from
jokes to poetry. Nvidia has gained
roughly 240% since October, far
outpacing any other member of the
broad-market S&P 500 index. The rally
has propelled its valuation past its
peers, but some analysts say the AI
boom means the stock should still be
worth more. "We view Nvidia as the
most important company on the planet
in an era that is rapidly changing
towards one that will be emphasized by
greater AI capabilities," said Angelo
Zino, analyst at CFRA Research. The
latest surge furthers a rally from last
week, which was jump-started by a
revenue forecast that surpassed the
mean Wall Street estimate by more
than 50%, which some analysts called
"unfathomable" and "cosmological."
Shares of the company ended 2.72%
higher at $401.11.
Elon Musk kicks off China visit,
Tesla expansion in focus
Tesla Chief Executive Elon Musk
kicked off a high-stakes visit to China
with a meeting with the country's
foreign minister in Beijing, marking his
return to the electric carmaker's largest
production hub after three years. Musk
met Chinese foreign minister Qin Gang
hours after landing in Beijing. Qin told
Musk China was committed to
improving the business environment for
investors, including Tesla, and used an
elaborate driving metaphor to describe
China-U.S. relations, according to a
statement from his ministry. "We must
step on the brake in time, avoid
dangerous driving and be skillful at
Click on the chart for a detailed and interactive graphic
using the accelerator to promote
mutually beneficial cooperation," Qin
said. The foreign ministry quoted Musk
as saying he was willing to expand
business in China and opposed a
decoupling of the U.S. and China
economies, adding he described the
world's two largest economies
"conjoined twins." Separately, the
National Highway Traffic Safety
Administration (NHTSA) said it is
closing its investigation into 580,000
Tesla vehicles over the automaker's
decision to initially allow games to be
played on the front center touchscreen.
To read more, click here
Top AI CEOs, experts raise 'risk of
extinction' from AI
Top artificial intelligence (AI)
executives including OpenAI CEO Sam
Altman joined experts and professors
in raising the "risk of extinction from
AI", which they urged policymakers to
equate at par with risks posed by
pandemics and nuclear war. "Mitigating
the risk of extinction from AI should be
a global priority alongside other
societal-scale risks such as pandemics
and nuclear war," more than 350
signatories wrote in a letter published
by the nonprofit Center for AI Safety
4
(CAIS). As well as Altman, they
included the CEOs of AI firms
DeepMind and Anthropic, and
executives from Microsoft and Google.
Separately, EU industry chief Thierry
Breton will meet OpenAI CEO Sam
Altman in San Francisco next month to
discuss how the company will
implement the bloc's world-leading
rules on artificial intelligence (AI), EU
officials said. To read more, click here
Boeing boosts 787 Dreamliner
production rate to four a month
Boeing has increased production of its
widebody 787 Dreamliner from three to
four planes per month as it gets ready
to ramp to five a month by the end of
the year, a company official said. The
U.S. planemaker also plans to add a
second production line to the
company's facilities in Charleston,
South Carolina, as it completes work
this year on inventory 787s that are
being modified at the site to meet U.S.
Federal Aviation Administration
standards, said Lane Ballard, Boeing's
vice president and general manager for
the 787 program. The modification
involves fixing miniscule gaps in the
forward pressure bulkhead that exceed
specifications. Boeing's plant in
Everett, Washington, where 787s also
are being modified to meet FAA
standards, will continue doing that
work, Ballard added.
Purdue Pharma can protect Sackler
owners in opioid bankruptcy, court
rules
Bankrupt OxyContin maker Purdue
Pharma can shield its owners,
members of the wealthy Sackler family,
from opioid lawsuits in exchange for a
$6 billion contribution to the company's
broader bankruptcy settlement, a U.S.
appeals court ruled. The New York-
based 2nd U.S. Circuit Court of
Appeals said that U.S. bankruptcy law
allows legal protections for non-
bankrupt parties, like the Sacklers, in
extraordinary circumstances. In a
majority opinion written by 2nd Circuit
Judge Eunice Lee, the court ruled that
the legal claims against Purdue were
inextricably linked to claims against its
owners, and allowing lawsuits to
continue targeting the Sacklers would
undermine Purdue's efforts to reach a
bankruptcy settlement.
Pfizer's hemophilia therapy reduces
bleeding in late-stage study
U.S. drugmaker Pfizer said late-stage
study data for its experimental
hemophilia therapy showed superiority
to the current standard of care
treatment in reducing bleeding rates in
patients. The therapy, marstacimab,
met its main trial goal, demonstrating
superiority to factor replacement
therapies, with a 92% reduction in
Microsoft logo is seen on a smartphone placed on displayed Activision Blizzard logo in this
illustration taken January 18, 2022. REUTERS/Dado Ruvic
bleeding in patients with severe
hemophilia A and moderately severe to
severe hemophilia B, Pfizer said.
Hemophilia hampers the body's ability
to make blood-clotting proteins, leading
to prolonged bleeding following injuries
or surgery, and it primarily affects
males, according to government data.
The estimated prevalence in the United
States is 12 cases per 100,000 males
for hemophilia A and 3.7 cases per
100,000 males for hemophilia B.
Amylyx says European panel
unlikely to endorse ALS drug
Amylyx said that a European regulatory
panel had taken a negative view on its
amyotrophic lateral sclerosis (ALS)
treatment, stalling the company's plans
on introducing its first commercial drug
in the region. Amylyx said the
European Medicines Agency's
committee was "trending toward a
negative opinion" on the marketing
application for the drug. The company
plans to request a formal re-
examination procedure in case the
drug gets an unfavourable response
from the committee in its June meeting.
The European Commission will make a
final decision based on the committee's
opinion.
Microsoft says UK regulator an
'outlier' for blocking Activision deal
Microsoft accused Britain's anti-trust
regulator of being a global "outlier" in
blocking its $69 billion takeover of "Call
of Duty" maker Activision Blizzard. The
Competition and Markets Authority
5
(CMA) vetoed the deal in April, saying
it could hurt competition in the nascent
cloud gaming market, sparking a
furious row. The company's appeal
against the decision is likely to be
heard in late July, a judge at the
Competition Appeal Tribunal (CAT)
indicated. Microsoft's lawyer Daniel
Beard told the CAT: "If this process
does not move forward quickly, it
jeopardises this merger being
completed."
US Supreme Court rejects Avery
Dennison appeal on patent eligibility
The U.S. Supreme Court turned away
a patent dispute between labeling
company Avery Dennison and ADASA
that would have given it a chance to
clarify a standard that critics have said
has sown confusion about what
inventions can be legally protected and
led to cancellations of valid patents.
The justices declined to hear Avery
Dennison's appeal of a lower court's
decision upholding a patent involving
tracking tags that was the subject of a
$62.4 million infringement award won
by ADASA in a lawsuit brought in
Oregon. The justices have not explored
the question of patent eligibility since
2014, rebuffing various requests to
take up the issue.
U.S. Supreme Court declines to hear
bid to sue Reddit over child porn
The U.S. Supreme Court declined to
hear a bid by child pornography victims
to overcome a legal shield for internet
companies in a case involving a lawsuit
accusing Reddit of violating federal law
by failing to rid the discussion website
of this illegal content. The justices
turned away the appeal of a lower
court's decision to dismiss the
proposed class action lawsuit on the
grounds that Reddit was shielded by a
U.S. statute called Section 230, which
safeguards internet companies from
lawsuits for content posted by users
but has an exception for claims
involving child sex trafficking. The
Supreme Court on May 19 sidestepped
an opportunity to narrow the scope of
Section 230 immunity in a separate
case.
A member of Guarani Mbya Indigenous people protests against the so-called legal thesis of "Marco Temporal" (Temporal Milestone) as they close the
Bandeirantes highway in Sao Paulo, Brazil May 30. REUTERS/Amanda Perobelli
Insight and Analysis
COLUMN-Funds temper bearishness
on oil
Portfolio investors became slightly less
bearish last week as the next policy-
setting meeting of OPEC⁺ ministers
neared and inventories of refined fuels
remained well below the long-term
seasonal average. Hedge funds and
other money managers purchased the
equivalent of 43 million barrels in the
six most important petroleum futures
and options contracts over the seven
days ending on May 23. Net purchases
were the first in five weeks, after funds
sold the equivalent of 249 million
barrels between April 18 and May 16,
according to data from ICE Futures
Europe and the U.S. Commodity
Futures Trading Commission. Fund
managers are moderately bullish on
light distillates, where they hold a net
long position of 56 million barrels, in
the 56th percentile for all weeks since
2013.
EXPLAINER-How could a US debt
ceiling default hit regular
Americans?
What could happen on Main Street if
Washington's political showdown over
the debt ceiling stopped the
government from cutting checks that
fund a quarter of the economy?
Americans could quickly notice painful
blows to their retirement accounts as
stock markets swooned, and within
6
days the lack of federal payments
could weigh heavily on doctors' offices,
retirees and workplaces throughout the
country. If the Congress and the White
House failed to lift the self-imposed
$31.4 trillion legal limit on federal debt,
the Treasury Department could start
missing payments on its obligations on
June 5, according to the department's
chief, Janet Yellen At that point,
Washington would be under severe
pressure to keep making payments on
U.S. bonds, which underpin the global
financial system. Missing a payment
would trigger a meltdown of historic
proportions. "It would be downright
cataclysmic," said Mark Zandi, an
economist at Moody's Analytics.
CANADA
Coming Up
Statistics Canada is expected to report
the country's annualized first-quarter
gross domestic product rose 2.5%.
Meanwhile, Canada's economy is
likely to have contracted 0.1% in
March, after rising 0.1% in the month
before.
National Bank of Canada is expected
to report a decline in second-quarter
profit with investors and analysts
watching the lender's net interest
income and provisions as turmoil at the
south of the border weighs on the
Top News
Canadian AI computing startup
Tenstorrent and LG partner to build
chips
Canadian AI computer design startup
Tenstorrent said it was partnering with
South Korea's consumer electronics
firm LG Electronics to build chips that
power smart TVs, automotive products
and data centers. Tenstorrent, started
in 2016, designs computers to train and
run artificial intelligence models and
works on both the software and
hardware, CEO Jim Keller said in an
interview. LG will initially use
Tenstorrent's AI chip blueprint to
design its own chips, but the
partnership is more strategic, said
David Bennett, Tenstorrent's chief
customer officer. "What we're looking
at is also some of the technology that
LG has developed. Could it not be
something that we use either in our
own products or potentially with other
future customers."
FERC approves TC Energy's US-
Mexico North Baja natgas pipe
expansion
Canadian energy company TC Energy
broader banking sector, even though
Canadian banks are viewed as safer
bets, thanks to their strong capital
levels.
TSE's S&P/TSX composite Price
GAINERS
Centerra Gold Inc 7.45
Canadian Western Bank 25.05
Converge Technology Solutions 3.65
Corp
LOSERS
Canopy Growth Corp 1.16
Algoma Steel Group Inc 9.34
Vermilion Energy Inc 15.05
REUTERS/Dado Ruvic
Corp's North Baja Pipeline unit has
received permission from U.S. energy
regulators to put the North Baja natural
gas pipeline expansion in Arizona and
California into service. In a filing, the
U.S. Federal Energy Regulatory
Commission (FERC) clarified that its
May 25 order included approval for all
remaining facilities of the North Baja
expansion. The 0.495-billion cubic feet
per day (bcfd) North Baja expansion
will supply more U.S. natural gas to
Mexico, including to U.S. energy
company Sempra Energy's SRE.N
Costa Azul liquefied natural gas (LNG)
export plant in Mexico, which is under
construction. The roughly $2 billion
Costa Azul project on Mexico's Pacific
Coast will be able to turn about 0.43
7
MARKET MONITOR
Canada's main stock index slid,
weighed by losses in commodity-linked
stocks and worries of an economic
slowdown. The Toronto Stock
Exchange's S&P/ TSX composite
index ended 1.14% down at
19,739.70. The energy sector fell
C$ Chng % Chng
2.05% to 222.59, tracking declines in
crude oil prices. The materials sector
0.47 6.73
also lost 1.60% to 324.69.
0.79 3.26
0.08 2.24
The U.S. dollar was up 0.04% against
-0.07 -5.69 the Canadian dollar to C$1.3593.
-0.54 -5.47
-0.86 -5.41
bcfd of gas into LNG once it enters
service around mid 2025. The North
Baja expansion cost an estimated $127
million, according to U.S. energy data.
Air Canada pilots end 10-year
contract framework, eye bargaining
Air Canada's pilots have ended a
decade-long contract framework,
opening the door to "full bargaining
this summer," their union leadership
said on Monday in a note to members
seen by Reuters. Air Canada pilots
have previously said they are pressing
for "historic" gains to narrow the
earnings gap with higher-paid aviators
at U.S. carriers. The union had a
Monday deadline for using a type of
escape clause that would allow for
negotiations this year. The
agreement now runs until Sept. 29,
2023, although its provisions will apply
beyond that date. "We were willing to
meet with the company if they wanted
to provide us with a substantial
proposal that would further our
membership’s goals," said the letter,
adding Air Canada did not seek to
open discussions.
WEALTH NEWS
DEBT CEILING TALKS
Top US Republican McCarthy urges support for debt ceiling deal ahead of key vote
Top congressional Republican Kevin McCarthy urged members of his party to support a bipartisan deal to lift the $31.4 trillion
U.S. debt ceiling and avoid a catastrophic default, ahead of a critical procedural vote.

ECONOMY
US consumer confidence dips to six-month low,
labor market views soften
U.S. consumer confidence slipped to a six-month low
in May as Americans' assessment of the labor market
softened, but more households planned to purchase
motor vehicles and other big-ticket items over the next
six months, which could support economic growth this
quarter. The Conference Board's consumer
confidence index slipped to 102.3 this month, the
lowest level since last November, from an upwardly
revised 103.7 in April. The survey's so-called labor
market differential fell to 31.0, the lowest since April
2021, from 36.9 in April. Consumers' 12-month
inflation expectations dipped to 6.1% from 6.2% last
month. The S&P CoreLogic Case-Shiller national
home price index, covering all nine U.S. census
divisions, climbed 0.4% in March after adjusting for
seasonal fluctuations. Click on the chart for a detailed and interactive graphic

EXPLAINER
Why are Nvidia's shares soaring and what is its role in the AI boom?
Nvidia Corp soared to a trillion-dollar market value as shares continued to surge after a bumper earnings report that forced
Wall Street to reassess the potential windfall for the chipmaker from an artificial intelligence boom.

LAYOFFS
Goldman Sachs plans to cut under 250 jobs in coming weeks-source
Goldman Sachs Group is expected to cut fewer than 250 jobs in the coming weeks as a sluggish market for deals weighs on
investment banking, a source familiar with the matter said.

OPEC+ EXPLAINER
Why is OPEC+ cutting oil output?
OPEC and its allies, including Russia, meet in Vienna on June 4 to decide on their output policy. The group agreed to increase
crude production cuts to 3.66 million barrels per day or 3.7% of global demand after several members pledged unilateral cuts.

MOVES
Goldman head of sovereign business Powell McCormick moves to merchant bank
Dina Powell McCormick, the head of Goldman Sachs Group'S sovereign business, is leaving to join merchant bank BDT &
MSD Partners, the company said.

CREDIT DEFAULT SWAPS

Cost of insuring against US default contracts further on debt bill hopes
The cost of insuring exposure to a U.S. debt default fell further, reflecting investor optimism over a tentative deal by U.S.
lawmakers to raise the $31.4 trillion debt ceiling.

8
ON THE RADAR
Events ET Poll Prior
Thu: Challenger layoffs for May 0730 -- 66,995
ADP national employment for May 0815 170,000 2,96,000
Initial jobless claims 0830 -- 2,29,000
Jobless claims 4-week average 0830 -- 2,31,750
Continued jobless claims 0830 -- 1.794M
Unit labor costs revised for Q1 0830 -- 6.3%
Productivity revised for Q1 0830 -2.7% -2.7%
S&P Global Manufacturing PMI Final for May 0945 -- 48.5
Construction spending mm for Apr 1000 0.2% 0.3%
ISM Manufacturing PMI for May 1000 47.0 47.1
ISM Manufacturing Prices Paid for May 1000 -- 53.2
ISM Manufacturing Employment Index for May 1000 -- 50.2
ISM Manufacturing New Orders Index for May 1000 -- 45.7

Fri: Non-Farm payrolls for May 0830 1,93,000 2,53,000

Private payrolls for May 0830 1,75,000 2,30,000
Manufacturing payrolls for May 0830 8,000
11,000
Government payrolls for May 0830 --
23,000
Unemployment rate for May 0830 3.5% 3.4%
Average earnings mm for May 0830 0.3% 0.5%
Average earnings yy for May 0830 4.4% 4.4%
Average workweek for May 0830 34.4 hrs 34.4 hrs
Labor force participation for May 0830 -- 62.6%
U6 underemployment for May 0830 -- 6.6%

KEY RESULTS
Company Name* Quarter ET Smart Estimates EPS Estimates** Year Ago Rev Estimates (mln)

Advance Auto Parts Q1 BMO $2.57 $2.57 $3.57 $3,432.77

NetApp Q4 AMC $1.35 $1.34 $1.42 $1,541.32
Salesforce Q1 AMC $1.62 $1.61 $0.98 $8,177.53

*Includes companies on S&P 500 index. **Estimates may be updated or revised; release times based on company guidance or past practice.

I/B/E/S EPS and revenue estimates, and StarMine Smart Estimates, provided by Refinitiv.

9
A woman with a dog looks at her apartment building heavily damaged during a massive Russian drone strike, amid Russia's attack on Ukraine, in
Kyiv, Ukraine May 30, 2023. REUTERS/Valentyn Ogirenko

The Day Ahead - North America is compiled by Jerin Tom Joshy and Nachiket Tekawade in Bengaluru.

For questions or comments about this report, email us at: TheDay.Ahead@thomsonreuters.com.

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