economy
Wall Street rides high into June on hopes that the war will soon come to an end. Here's what's ahead
The stock market continues to bet on some sort of resolution being found with Iran. But there is also no shortage of other risks heading into a new month.
TL;DR
- Stock market reached all-time highs in May, anticipating a resolution to the Iran conflict and reopening of the Strait of Hormuz.
- Artificial intelligence is a major market driver, with significant profit growth reported in the first quarter, especially in information technology.
- Consumer spending may be constrained due to elevated inflation and a drop in the U.S. savings rate.
- June is historically the worst month for stocks in a midterm election year, suggesting a potential for short-term consolidation.
- Upcoming economic reports include nonfarm payrolls, PMI, and ISM Manufacturing/Services data.