The S&P 500 got off to a roaring start in a shortened trading week, and then mostly traded sideways through Friday, although with a fair amount of volatility, as tariff-headlines whipsawed stocks.

Wall Street has seemingly become desensitized to the tsunami of tariff-related news, as the daily moves in May were much smaller than the tumultuous and chaotic jolts last month. In April, the S&P 500 had an average daily price change of 1.99%, in either direction, compared with just 0.76% in May.

Looking ahead, the majority of Russell 1000 companies set to report this week will be in the information technology and consumer discretionary sectors, the first and third best-performing sectors in May's rebound, up 10.8% and 9.4%, respectively.

Campbell's kicks off the week, reporting results on Monday, followed by NIO, CrowdStrike Holdings, Dollar General, and Hewlett Packard Enterprise on Tuesday. Dollar Tree releases earnings on Wednesday, followed by Broadcom and Lululemon Athletica on Thursday.

Friday's jobs report will be the highlight on the economic calendar. Jobs growth has been solid this year, albeit not quite as strong as in the past two years. Nonfarm payrolls have increased by an average of 144,000 a month this year, compared with 192,000 in 2023 and 2024.

Other economic indicators to watch for are the Institute for Supply Management's Manufacturing Purchasing Managers' Index on Monday, the Job Openings and Labor Turnover Survey on Tuesday, and the ISM's Services PMI, released on Wednesday.

Across the pond, the European Central Bank is all but certain to cut rates again on Thursday, the eighth such rate cut since last June.

Monday 6/2

Campbell's reports third-quarter fiscal-2025 earnings.

The Institute for Supply Management releases its Manufacturing Purchasing Managers' Index for May. Consensus estimate is for a 49.2 reading, half a point more than in April.

The Census Bureau reports construction spending data for April. Total construction spending is expected to rise 0.4% month over month to a seasonally adjusted annual rate of $2.2 trillion after declining 0.5% in March.

Tuesday 6/3

NIO, CrowdStrike Holdings, Dollar General, Ferguson Enterprises, Guidewire Software, and Hewlett Packard Enterprise report quarterly results.

The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. The consensus call is for 7.1 million job openings on the last business day of April, roughly 100,000 less than in March. There is currently about 1 job opening for every unemployed person, the lowest ratio in four years.

Wednesday 6/4

Dollar Tree, Five Below, and PVH release earnings.

ADP releases its National Employment Report for May. Economists forecast a 110,000 gain for private-sector employment, following a 62,000 increase in April. Year-over-year pay increased 4.5% in April for those who remained at their jobs, according to ADP.

The ISM releases its Services PMI for May. Expectations are for a 52 reading, slightly higher than in April.

The Federal Reserve releases the beige book for the fourth of eight times this year. The report gathers anecdotal information on current economic conditions from the 12 regional Federal Reserve banks.

Thursday 6/5

Broadcom, Brown-Forman, Ciena, Docusign, Lululemon Athletica, Rubrik, Samsara, and ServiceTitan announce quarterly results.

The European Central Bank announces its monetary policy decision. The central bank is widely expected to cut its deposit rate by a quarter of a percentage point, to 2%. The ECB has already instituted seven quarter-point rate cuts since this easing cycle began a year ago.

Friday 6/6

The BLS releases the jobs report for May. Economists forecast an increase of 130,000 in nonfarm payrolls after a gain of 177,000 in April. The unemployment rate is expected to remain unchanged at 4.2%.