Weekly Market Report (05 June 23)

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News Last Week

US financial markets, including the New York Stock Exchange, Nasdaq, and US bond market, were closed on Monday, May 29th due to Memorial Day.
Nvidia, a chip manufacturer, reached a $1 trillion market capitalization due to increased demand for its AI-optimized chips, marking a trend towards larger companies increasing in size. Its stock saw a significant increase due to heightened investor interest in AI, signaling anticipated growth in the AI sector.
Chinese stock market entered a bear phase, with increasing skepticism about the country's economic recovery despite governmental efforts and the lifting of Covid-19 restrictions.
The US labor market remained resilient with 10.1 million job openings in April despite Silicon Valley Bank's collapse, although this has raised investor concerns about potential halts on Federal Reserve's interest-rate increases.
The US stock market saw significant gains following a strong jobs report that exceeded Wall Street expectations, signalling robust hiring amidst slowing inflation. This, coupled with a late deal to avert a government default, sparked a major uptick in the market.

Apple's Worldwide Developer Conference is set to kickstart the week, with expectations of new product unveilings.
Various economic indicators are slated for release, including U.S. factory orders, non-manufacturing services, the U.S. trade deficit, and consumer credit data.
A range of companies across various sectors will be reporting earnings. These include J.M. Smucker, GameStop, Brown Forman, DocuSign, and Seneca Foods.
The performance of these companies, especially those in the retail sector like GameStop, will provide insight into consumer sentiment and sector trends.