Bitcoin, June jobs, Zoom earnings and Powell remarks top week ahead

Bitcoin, June jobs, Zoom earnings and Powell remarks top week ahead

Financial markets are closed on Monday, in observance of the Memorial Day holiday, but the busy week will ramp up as investors get a wave of economic data including ADP employment, non-farm payrolls and the Beige Book, as well as another batch of key earnings.

One of the biggest cryptocurrency events of the year, the 2021 Bitcoin conference, will also take the spotlight later this week.
This as the Dow Jones Industrial Average and S&P 500 sit near record highs. The Nasdaq Composite slightly below its high.

FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.

Monday 5/31

Even with the Memorial Day holiday, it is the deadline for the small businesses to apply for the latest round of the Paycheck Protection Program funding.

According to the Small Business Administration data as of May 23, more than $795 billion has been allocated to through over 11.6 billion loans since the rescue fund’s inception in March 2020. Just a fraction of the $292 billion that Congress allocated to the rescue fund this year is left – most of which is reserved for financial lenders that serve underserved communities.

Businesses with fewer than 500 employees could receive as much as $10 million through the program and are required to spend at least 60% of the money on maintaining payroll in order for the government to forgive the full loan. The remaining 40% could be spent on operating costs such as mortgages, rent and utilities. Only businesses with 300 employees or fewer were eligible to receive a second loan, which was capped at $2 million.

Tuesday 6/1

Kicking off the week’s earnings on Tuesday is Hewlett-Packard Enterprise and Zoom Video Communications. The initial public offering for SoFi Technologies is also set to begin trading on the New York Stock Exchange under the ticker symbol SOFI.

Economic data to watch on Tuesday includes the ISM manufacturing PMI, construction spending, and vehicle sales.

Tuesday also marks 100 years since the Tulsa Race Massacre. The White House confirmed that President Biden will visit the city to commemorate the anniversary, meeting with massacre survivors who range in age from 101 to 107. Biden will also make a stop at the Greenwood Cultural Center. Additional details about the trip have not been released.

In 1921, a white mob attacked a predominantly Black neighborhood in Tulsa dubbed “Black Wall Street”, where businesses were destroyed and hundreds of people were killed. A 2001 state commission report found that the destruction led to $1.8 million in riot-related claims against the city, or $27 million today.

Wednesday 6/2

Earnings continue midweek with Advance Auto Parts and Lands’ End before market open on Wednesday, while Endeavor Group Holdings, NetApp, and PVH report after the bell.   ReadMore

Source : foxbusiness