Firm Data, Falling Metals and Volatile Stocks (June 1 – 5, 2026, Recap)

Overview

Last week’s market review was shaped by a mix of resilient economic data, firm labor market signals, and renewed volatility across major asset classes. US manufacturing and services activity continued to expand, while employment reports from the US and Canada pointed to steady hiring conditions. At the same time, commodities and equity markets saw sharp moves, with precious metals and major stock indices coming under pressure despite selected earnings beats from key companies.

Major Economic Indicators and Events in Review

Monday, June 1

17:00 – USA: ISM Manufacturing PMI (USD)

US manufacturing expanded for the fifth straight month in May, with the ISM Manufacturing PMI rising to 54%, its highest level since May 2022. New orders, production, exports, and backlogs all improved, signaling stronger demand, while employment and inventories remained weak but showed signs of improvement. Pricing pressures stayed elevated, though slightly eased, and most major manufacturing industries reported growth.

EUR/USD slipped 0.23% on the day.

Wednesday, June 3

04:30 am – Australia: GDP q/q (AUD)

GDP grew modestly, rising 0.3% in the quarter and 2.5% since March 2025. Growth was limited by weak household and government spending, weather-related disruptions to mining and exports, and a drag from net trade. Business investment, particularly in imported data center machinery and equipment, was the main driver of expansion.

AUD/USD edged down 0.75% from the previous day.

15:15 – USA – ADP Non-Farm Employment Change (USD)

Private-sector hiring increased by 122,000 jobs in May, with gains spread across most major industries. Eight of the ten supersectors reported job growth, while companies of all sizes added workers. The data points to a more balanced hiring environment and suggests the labor market maintained solid momentum ahead of the summer hiring period.

EUR/USD ticked down 0.29% on the day.

17:00 – USA: ISM Services PMI (USD)

US services activity expanded for the 23rd straight month in May, with the ISM Services PMI rising to 54.5%. Business activity and new orders strengthened, while employment remained weak and price pressures increased to their highest level since August 2022.

GBP/USD fell 0.36% on the day.

17:30 – USA: Crude Oil Inventories (USD)

US crude inventories fell sharply by 8.0 million barrels to 433.7 million, leaving stocks about 3% below the five-year average. Refinery runs eased slightly, while crude imports rose strongly. Gasoline and distillate inventories increased, but both remained below seasonal norms. Overall product demand improved, with total products supplied up 3.0% from a year earlier.

USD/JPY ticked down 0.017% on the day.

Friday, June 5

15:30 – USA: Nonfarm Employment Change (USD)

US nonfarm payrolls rose by 172,000 in May, while the unemployment rate held steady at 4.3%. Job gains were led by leisure and hospitality, local government, and health care, while financial activities posted losses. Wages rose 0.3% on the month and 3.4% from a year earlier.

Economists expect the nonfarm payrolls to rise by 95,000 in the next report.

EUR/USD fell 0.79% on the day.

15:30 – Canada: Employment Change (CAD)

Canada’s labor market strengthened in May, with employment rising by 88,000 and the unemployment rate falling to 6.6%. Gains were driven by full-time work and broad improvements among core-aged workers and youth, while construction, transportation, and services led industry growth.

USD/CAD edged 0.17% higher on the day.

Commodities

1. Crude Oil
   Crude oil prices increased by 2.84% over the past week
2. Brent Oil
   Brent was up 0.99% compared to the previous week
3. Gold
   The precious metal Gold (XAUUSD) concluded the week on Friday with a 4.68% weekly loss
4. Silver
   XAGUSD decreased by 10.01% from last week

Stock Market

1. S&P 500 dropped 2.89%
2. DJIA was down 0.51%
3. NASDAQ 100 declined by 4.99%

Top Gainers

1. Solidion Technology, Inc. (STI) 668.17%
2. STAK Inc. (STAK) 413.54%
3. Sadot Group Inc. (SDOT) 344.69%

Top Losers

1. CorEnergy Infrastructure Trust, Inc. (CRNG) -84.76%
2. Zhongchao Inc. (ZCMD) -84.43%
3. Hitek Global Inc. (HKIT) -80.75%

Company Earnings (June 1 – 5)

Monday, June 1: HPE (Hewlett Packard Enterprise Company)

Wednesday, June 3: AVGO (Broadcom Inc.)

Thursday, June 4: LULU (lululemon athletica inc.)

Hewlett Packard Enterprise reported stronger-than-expected results for the second quarter of 2026. The company earned $0.79 per share, well above analysts’ forecast of $0.54. Revenue also beat expectations, rising 40% from a year earlier to $10.68 billion. Analysts expect the company’s earnings to continue growing next year, from $1.97 to $2.29 per share.

HPE shares jumped 14.31% over the past week.

Broadcom reported stronger-than-expected results for the second quarter of 2026. Earnings per share came in at $2.44, slightly above forecasts of $2.40, while revenue jumped 47.9% from a year earlier to $22.19 billion. Analysts also expect profits to rise strongly next year, although the stock is trading at a relatively high valuation.

AVGO shares fell 13.66% last week.

lululemon reported better-than-expected results for the first quarter of 2026. The company earned $1.69 per share, slightly above forecasts of $1.67, while revenue rose 4.3% from a year earlier to $2.47 billion, also beating expectations. Analysts expect earnings to grow further next year, rising from $12.35 to $13.33 per share.

LULU shares declined 12.92% during the last week.

Conclusion

In conclusion, last week highlighted a resilient but uneven global market backdrop. US and Canadian labor data remained firm, while business activity continued to expand across key sectors. However, weakness in equities and precious metals showed that investor sentiment remained cautious. Looking ahead, markets are likely to stay focused on upcoming employment data, inflation signals, central bank expectations, and whether corporate earnings can continue to support risk appetite.