Here is what you need to know.
It’s jobs day in America. The US economy is expected to have added 175,000 nonfarm jobs in May as the unemployment rate held at 4.4%. Meanwhile, average hourly earnings are anticipated to have grown at a 2.6% year-over-year clip. The report will cross the wires at 8:30 a.m. ET.
Trump is pulling the US out of the Paris Agreement. “I don’t want anything to get in our way,” Trump said on Thursday. “The US will withdraw from the Paris climate accord, but begin negotiations to reenter either the Paris accord or a really entirely new transaction on terms that are fair to the United States, its businesses, its workers, its people, its taxpayers.”
Elon Musk bails on Trump’s advisory councils. The Tesla and Space X CEO tweeted, “Am departing presidential councils. Climate change is real. Leaving Paris is not good for America or the world.”
The market is almost certain a Fed rate hike is happening in June. There’s a 92.7% chance the Fed lifts its benchmark interest rate to a range of 1% to 1.25% at its June meeting, according to World Interest Rate Probability data provided by Bloomberg
Oil is getting whacked. West Texas Intermediate crude oil trades down 3.1% at $US46.85 a barrel despite Thursday’s bigger than expected draw in US stockpiles.
Global air travel is booming. Revenue passenger kilometers (RPKs) grew by 10.7% YoY in April, making for the fastest growth since April 2011, data provided by the International Air Transport Association (IATA) showed.
Lululemon beats. The athletic apparel maker beat on both the top and bottom lines, and said that it was restructuring its kids’ clothing line.
Blue Apron is going public. A S-1 filed by the meal-delivery service shows that both its losses and its revenue have grown each year since 2014.
US stocks are at record highs. Both the Nasdaq and the S&P 500 hit record highs on Thursday. The Dow is about 25 points shy of its best print.
Aside from the jobs report, US economic data is light. The trade balance will be released at 8:30 a.m. ET. The US 10-year yield is little changed at 2.21%.