06/01~06/05 Week issues: employment, economy, conference

06/01~06/05 Week issues: employment, economy, conference

The May employment report, JOLTs job search report, and ADP private employment report, which will be released on Friday (5th), are expected to affect the Fed’s monetary policy expectations and interest rate cuts, and the direction of government bond rates and indexes will depend greatly on related results. The market expects a modest slowdown in the number of job openings and a stable trend in unemployment, and the Beige Book’s economic diagnosis, which will be released on Wednesday (3rd), will also affect the short-term direction of bond rates. If employment indicators are in line with expectations or show a moderate slowdown, U.S. Treasury yields may stabilize downward and act as pressure on the stock market to rise, but on the contrary, if they exceed expectations or show a sharp slowdown, they are likely to stimulate interest rates and economic expectations at the same time and increase stock market volatility.

Meanwhile, the US ISM Manufacturing Index for May, which will be released on Monday (1st), and the ISM Service Index, which will be released on Wednesday (3rd), are expected to serve as barometers for the US economic fundamentals, and the results are likely to affect global risk asset preference and growth stock investor sentiment. The market is paying attention to the direction of new orders and employment index amid the steady flow of the manufacturing sector and the service sector index. Also, it is necessary to pay attention to the volatility of the index as it could affect interest rates and economic expectations if it fails to meet expectations. Korea’s import and export statistics, which will be released on Monday (May 1), are also important. Since the figures were released in May when both oil prices were volatile and concerns over a global economic slowdown, whether semiconductor-oriented exports will continue to increase or not is key.

Meanwhile, major AI and technology conference schedules are also concentrated this week. Nvidia GTC Taipei 2026 and MS Build 2026, which will be held simultaneously with Taiwan’s Computex fair, are likely to affect investor sentiment across the global AI hardware and software value chain. In particular, the Nvidia GTC Taipei announcement, led by CEO Jensen Huang, is expected to highlight the next-generation AI accelerator and networking architecture roadmap and Taiwan supply chain partnership, and is likely to stimulate investor sentiment across the AI semiconductor and server supply chains. In addition, whether or not they mention cooperation with any companies after their visit to Korea on the 5th after the end of the event may expand the change in related stocks in the Korean stock market

In addition, attention is paid to whether the AI agent platform and SLM strategy will be released in MS Build. This is because we can see the actual software monetization potential of Generative AI. Also, BOA Global Tech Conference, Evercore Global TMT Conference, William Blair Growth Stock Conference, and Noble Capital Markets Emerging Conference, which were concentrated on Tuesday (2nd) and Wednesday (3rd), are likely to affect the spread of small and medium-sized growth stocks and IT infrastructure themes. This is because momentum of individual AI, security, cloud, and infrastructure stocks, which have recently been highly interested in the market, can be highlighted. Furthermore, the continuity of demand for hyperscaler ASIC and growth in AI networking sales will be key to Broadcom’s earnings results, which will be announced after the market closes on Wednesday (3rd).

Key events by day of the week

05/31 (Sun)
China: Manufacturing PMI (May), Services PMI (May)
What I Said: Former Fed Chairman Powell, Fed Director Waller (Stablecoin)

06/01 (Monday)
Korea: Export-Import Trends (May), Manufacturing PMI (May)
China: Racing Dog Manufacturing PMI (May)
Germany: Retail Sales (April)
US: ISM Manufacturing Index (May), Construction Expenditure (April)
Event: Nvidia GTC Taipei 2026 (~4 days)
Event: ASCO 2026 (American Society of Clinical Oncology, 05/29~06/02)
Long-Term Earnings: HP Enterf (HPE), Credo Tech (CRDO)

06/02 (Tuesday)
Korea: Consumer Price Index (May)
Eurozone: Consumer Price Index (May)
US: JOLTs Job Seekings Report (April)
Event: Taiwan Computex Fair 2026 (~5 days)
Event: Jefferies Global Healthcare Conference (~4th)
Event: William Blair Growth Stock Conference (~4th, announcement of small and medium-sized growth stocks such as AI)
Event: BOA Global Tech Conference 2026 (announced on the 4th, semiconductors, AI, etc.)
Remarks: Governor of the Federal Reserve Bank of Cleveland, Hamac
Billing Earnings: Dollar General (DG), Signet Jewels (SIG)
Aftermath: PANW, Ulta Beauty, GitLab, GTLB

06/03 (Wednesday)
China: Racing Dog Service Industry PMI (May)
US: ADP Private Employment Report (May), ISM Service Index (May)
Report: Beige Book, United States
Event: MS Build 2026 (~4th, new AI-related products and platform strategies revealed)
Event: Evercore Global TMT Conference (IT, Media, and Telecommunications)
Event: Noble Capital Markets 2026 Emerging Conference (~4, Small and Medium Technology, Theme)
Loaded Earnings: Medtronic (MDT), Macy’s (M)
Long-Term Earnings: Broadcom (AVGO), CloudStrike (CRWD), PVH (PVH)

06/04 (Thursday)
South Korea: Foreign exchange reserves (May)
UK, Germany: Number of new car sales (May)
U.S.: Mass layoffs (May), nonfarm productivity (1Q), unit labor costs (1Q)
Report: New York Fed Supply Chain Pressure Index (May)
Loaded Earnings: Siena (CIEN), X-Energy (XE)
Long-Term Earnings: Planet Lab (PL), Lululemon (LULU), DokuSign (DOCU)

06/05 (Friday)
Korea: Current Account (April)
Eurozone: GDP growth (1Q)
US: Employment Report (May), Consumer Credit (April)
Schedule: Jensen Hwang’s visit to Korea
Report: European Food and Agriculture Organization (FAO) Food Price Index (May)