Weekly Market Update

Market Summary:

The past week saw a mix of volatility and optimism in the markets. Despite escalating US trade tensions with China and the European Union, investors largely shrugged off the negative sentiment, leading to gains across major indices.
• The S&P 500 (^GSPC) rose about 0.4% on Monday, 0.6% on Tuesday, and 1.0% on Friday.
• The Dow Jones Industrial Average (^DJI) was up less than 0.1% on Monday, 0.5% on Tuesday, and 1.1% on Friday.
• The tech-heavy Nasdaq Composite (^IXIC) rose 0.7% on Monday, 0.8% on Tuesday, and 1.2% on Friday.

Key Events:
• US stocks closed higher on Monday as investors largely shrugged off escalating trade tensions with China and the European Union.
• Upbeat economic data helped counter concerns raised by the OECD about the potential economic harm from President Trump's tariffs on Tuesday.
• The May nonfarm payrolls report showed a moderate beat, with 139,000 jobs added in May, more than the 126,000 expected by economists.

Notable News:
• The US dollar (DX-Y.NYB) fell as markets assessed trade-war risks, while gold (GC=F) futures rose amid demand for safer assets.
• Tesla (TSLA) shares rebounded on Friday as CEO Musk and President Trump moved to cool tensions.
• The White House tamped down reports of a potential peace call between the two, but confirmed high-level trade talks with China would take place in London this upcoming Monday.

Economic Indicators:
• The May nonfarm payrolls report showed a moderate beat, with 139,000 jobs added in May, more than the 126,000 expected by economists.
• The ADP National Employment Report showed private-sector hiring growth fell sharply last month.
• The Institute for Supply Management's Services PMI registered a reading of 49.9 in May, below the 51.6 seen in April.

Market Outlook:

The markets continue to be driven by trade tensions and economic uncertainty. Despite the moderate beat on the jobs report, investors remain cautious, with some speculating that further stimulus from the Federal Reserve may be needed to support the economy.

However, with high-level trade talks between the US and China set to take place in London this upcoming Monday, there is hope for a potential de-escalation of tensions. This could lead to a more positive market sentiment in the coming week.