Record Highs, a Massive Jobs Report, and Broadcom Earnings — Here’s What Could Move Markets This Week

TLDR

• The May jobs report drops Friday, with economists forecasting 95,000 jobs added and unemployment at 4.3%
• Broadcom, CrowdStrike, and Palo Alto Networks headline a busy earnings week
• Stocks closed May at record highs — S&P 500 at 7,580, Dow at 51,032
• Bitcoin dipped 0.53% to $73,702 while gold rose 1.28% to $4,575 per ounce
• Anthropic raised $65 billion at a $965 billion valuation, nearing trillion-dollar status

Wall Street heads into a new week riding record highs, with a packed schedule of economic data, corporate earnings, and fresh AI developments all competing for investor attention.

Stocks Close May in the Green

The major indexes finished May on a positive note. The Dow Jones Industrial Average rose 0.72% to 51,032. The S&P 500 gained 0.22% to 7,580, and the Nasdaq 100 added 0.36% to 30,333.

Tech stocks led the charge. Dell surged over 32% after strong earnings and raised guidance, driven by growing demand for AI servers.

Broadcom shares are up more than 25% this year. The company has struck deals with Meta, Google, and Anthropic, putting it at the center of AI infrastructure spending.

The 10-year Treasury yield climbed to 4.44%, keeping pressure on rate-sensitive stocks.

Oil fell hard. West Texas Intermediate dropped around 9% for the week to $87.98 a barrel, reflecting easing tensions between the U.S. and Iran and talk of a possible ceasefire.

Bitcoin Slips, Gold Climbs

Bitcoin fell 0.53% over the week, closing at $73,702. Crypto markets stayed relatively quiet despite a busy news cycle.

Gold moved in the opposite direction, rising 1.28% to $4,575 per ounce. Investors appear to be turning to gold as a safe-haven asset with bond yields rising and geopolitical uncertainty still present.

Jobs Report and Fed in Focus

The biggest event of the week is the May jobs report, due Friday at 8:30 a.m. ET. Economists expect 95,000 jobs added, down from 115,000 in April. The unemployment rate is expected to hold at 4.3%.

New Federal Reserve Chair Kevin Warsh will preside over his first policy meeting in mid-June. He has signaled the Fed will be less transparent about its rate thinking, making data like Friday’s jobs report more important for investors.

ISM manufacturing data is also due Monday, with the purchasing managers’ index expected at 53.3, up from 52.7. A reading above 50 signals expansion.

The Fed’s Beige Book drops Wednesday, offering a look at economic conditions across the central bank’s 12 districts.

Earnings and AI Dominate the Week

On the earnings front, Broadcom reports Wednesday after the close. Its results will be watched closely for what they say about AI-related chip demand. The Philadelphia Semiconductor Index has surged over 52% since its 2026 low in late March.

Palo Alto Networks reports Tuesday and CrowdStrike reports Wednesday. Both are key names in cybersecurity.

Dollar General and Five Below report early in the week. Their numbers will show how lower-income consumers are handling ongoing inflation.

Lululemon reports Thursday. Shares are down about 60% from a year ago, and the company is searching for a new chief executive.

Nvidia chief executive Jensen Huang unveiled a new line of processors called the RTX Spark at the Computex conference in Taiwan. The chips are designed for running AI agents locally on Windows laptops and desktops.

Anthropic raised $65 billion at a valuation of $965 billion, putting it close to becoming the first trillion-dollar private AI company.

Microsoft is reportedly building a super app to combine its Copilot AI tools into a single platform for coding, chat, and productivity.

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