Investors will come back from the Memorial Day break with a focus on Europe, where leaders will be meeting in Brussels.
While the EU is not expected to approve a full ban on Russian oil, an embargo of seaborne deliveries or the general nature of the discussion could impact the energy market. OPEC is also on tap to meet next week, although no major fireworks are anticipated with the production statement.
Key economic reports due to watch include updates on construction spending, factory orders, U.S. auto sales and the May jobs report. Economists forecast 329K jobs addition for the month to fall back from the 428K job adds in April. The unemployment rate is seen drifting to 3.5% from 3.6%.
The IPO calendar is quiet again, but a riveting SPAC could come to the market in the retail sector, with Walmart (NYSE:WMT)-backed Symbotic likely to catch some attention amid the supply chain and labor disruption in the retail sector. On the corporate calendar, the earnings confessional will see visits from HP Inc. (HPQ), GameStop (GME), and Lululemon, while annual meetings at Alphabet (GOOG) and Walmart (WMT) will be full of shareholder activism.
Finally, next week will be the last chance for investors to buy Amazon (NASDAQ:AMZN) before the 20-for-1 stock split becomes effective on June 6.
