USA
∎ U.S. JOLTs job vacancies fell to a nearly three-year low, but it also boosted hopes for the Federal Reserve to cut interest rates this year. The market is also waiting for the "final word" on the upcoming non-farm employment data. The main U.S. stock index closed in the red on Tuesday (4th). The Dow Jones closed 140 points lower, the S&P and Nasdaq edged up more than 0.1%, and the Fed bucked the trend and weakened 0.7%. Huida rose more than 1% and continued to set a new high.
∎ The Federal Reserve will hold a meeting next week. The U.S. Department of Labor (DOL) released the Job Openings and Labor Turnover Survey (JOLTS) on Tuesday, showing that the number of job vacancies plummeted to 8.059 million in April, the lowest level since February 2021. Not only was it lower than the 8.37 million expected by economists, it was also far lower than the revised 8.355 million in March.

Foreign exchange market
     As investors took profits ahead of the release of the key non-farm payrolls report, the US dollar index rebounded from a near two-month low on Tuesday (4th), but after data showed that job vacancies in April JOLTS fell to a three-year low , giving up most of its gains. In late New York trading, the ICE Dollar Index (DXY), which tracks the U.S. dollar against six major currencies, rose slightly by 0.08% to 104.13, but fell below 104 at one point during the session, hitting its lowest level since April 9.
     The euro ended its three-day winning streak and fell 0.2% to $1.0879. The yen rose for a second day in a row, up more than 0.8% to 154.84 per dollar, the highest since mid-April. After hitting its highest level since mid-March, the pound subsequently turned from appreciation to depreciation, falling 0.3% to $1.2768 at the time of writing.

Energy Market
     International oil prices fell for the fifth consecutive trading day on Tuesday (4th) as the Organization of Petroleum Exporting Countries and its allies (OPEC+) decided over the weekend to begin removing some production cuts later this year, sparking market concerns about the prospect of oversupply. Analysts pointed out that weak data from the previous day raised market concerns about the outlook for the US economy and also exacerbated concerns about the demand outlook.
     West Texas Intermediate (WTI) crude oil futures for July delivery fell 97 cents, or 1.3%, to settle at $73.25 a barrel. Brent crude futures for August delivery fell 84 cents, or 1.1%, to settle at $77.52 a barrel. Brent and WTI crude oil both closed lower for the fifth consecutive day on Tuesday, and both closed at their lowest points since early February.

Precious Metals Market
     Gold prices fell more than 1% on Monday (3rd) as the US dollar stabilized ahead of the release of the US May non-farm payrolls report. The report is likely to set the tone for the Federal Reserve's (Fed) interest rate strategy. Gold reversed a rally the previous day after weak U.S. manufacturing data and fell despite weakness on Wall Street on Tuesday. Investors now await Friday's U.S. nonfarm payrolls report for more certainty about the Fed's likely actions for the rest of the year. Since gold does not yield interest, interest rate cuts can reduce the opportunity cost of holding gold, thereby increasing the investment attractiveness of gold.
     Spot gold fell 0.9% to $2,329.10 an ounce. Gold futures for August delivery fell about 0.9% to settle at $2,347.4 an ounce.

Agricultural product market
     Chicago Board of Trade (CBOT) soybean futures closed lower on Tuesday, dragged down by the spillover effect of faster soybean planting and weak corn prices in the United States, but supported by a downward revision of soybean harvest forecast by major exporter Brazil. CBOT July soybean contracts (SN24) closed down 5-1/2 cents, settling at $11.79 per bushel.
     Corn futures fell slightly in choppy trading as traders weighed U.S. planting progress, strong corn grades and adverse weather in Mexico. July corn contracts (CN24) settled down 1 cent at $4.42-1/2 per bushel.

Raisah Rasid, global market strategist at JPMorgan Asset Management, expects: "Labor demand in the U.S. market will slow down a bit. What does this mean for the Fed? I think all the data points to a rate cut later this year. Maybe in December.”

Mini-Nasdaq 100 Index Futures
    AI king Nvidia (NVDA-US) rose 1.25% to US$1,164.37 per share, setting a new record high. Following in the footsteps of Nvidia and AMD, Intel announced the details of its Lunar Lake processor architecture at the Taipei International Computer Show COMPUTEX, but its stock price did not get a boost. Intel (INTC-US) fell 0.86% to US$30.03 per share.
     Tesla (TSLA-US) fell 0.86% to $174.77 per share. The China Passenger Car Association (CPCA) announced on Tuesday that Tesla's sales of electric vehicles made in China fell 6.6% year-on-year to 72,573 units in May, marking the second consecutive month of annual decline. Guggenheim analysts who are bearish on Tesla expect the stock to fall to $126 per share, which would imply a drop of nearly 30% from its current share price, citing concerns about falling sales.
     Short-term oscillation upward
     Operation plan: Continue to hold the long order of 18540 on 6/4.
     Stop loss: 18630 ​​(moving stop profit)
     Stop profit: 18860

Mini-Dow Futures
     More than half of the Dow Jones components closed in the green. Honeywell (HON-US) rose 2.36%; Boeing (BA-US) rose 2.19%; Cisco (CSCO-US) rose 1.65%; Dow Chemical (DOW-US) fell 1.64%; JPMorgan Chase (JPM-US) fell 1.32%.
     Market attention will be focused on Friday’s non-farm payrolls report. The market estimates that non-farm payrolls in May will increase to 190,000 from 175,000 in the previous month, and the unemployment rate is expected to remain at 3.9%.
     Rebound from the bottom of the trail
     Operation plan: Take profit on long orders at 38435 on 6/4, and now recommend going long at 38600.
     Stop loss: 190 points
     Stop profit: 430 points

Euro Futures
     The number of JOLTS job vacancies in the United States unexpectedly fell by 296,000 to 8.059 million in April, the lowest level since February 2021. In addition to the JOLTS report, the U.S. recently announced that manufacturing activity slowed for two consecutive months and construction spending unexpectedly declined.
     Helen Given, FX trader at Monex USA, said: "While the dollar initially fell on the JOLTS data, it looks to have recovered its losses and is still on track to close higher after falling the day before. The Federal Reserve has repeatedly reiterated that the central bank is looking for signs of weakness in the job market, and today's JOLTS data suggests that the job market may finally be moving in the direction they hope for. Even if fewer job openings are not necessarily a good thing, the Fed will probably be happy to see this."
     Euro range-bound
     Operation plan: Today we recommend going long at 10860.
     Stop loss: 23 points
     Stop profit: 52 points

Light Crude Oil Futures
    Alex Kuptsikevich, senior market analyst at FxPro, said that OPEC+ decided on Sunday to continue using low production quotas, but "the market is more concerned about the short-term supply and demand balance and believes that OPEC+'s move is not impressive."
     Carsten Fritsch, a commodities analyst at Commerzbank, said: "Weak prices in the oil market suggest that market participants question whether OPEC+ can gradually reduce voluntary production cuts without risking oversupply. While this was not the case in the autumn, it does apply to the coming year given the implicit market balance."
     Derek Holt, vice president and head of capital markets economics at Scotiabank, wrote in a report on Tuesday that "widespread pessimism" about the health of the global economy could exacerbate downward sentiment in oil prices.
     Oil prices hit bottom
     Operation plan: Today it is recommended to short at 73.8.
     Stop loss: 0.7 pips
     Stop profit: 1.6 points

Gold Futures
     Bart Melek, head of commodity strategy at TD Securities, said: "Gold may have some reaction to the U.S. dollar and some profit-taking." The U.S. dollar fell to its lowest level since mid-April the previous night. Stabilize.
     Jim Wyckoff, senior analyst at Kitco Metals, said that if non-farm payrolls data is weak, it is expected to cause gold prices to rise in the short term. On the contrary, if the data is strong, it will put pressure on gold because it may indicate that the Fed’s path to rate cuts will be "more difficult." period". Overall, “gold prices are likely to move sideways or even slightly lower in the coming weeks unless there are unexpected geopolitical events that drive safe-haven demand,” Wyckoff added.
     Gold price fluctuates within a range
     Operation plan: Today we recommend going long at 2332.
     Stop loss: 13 points
     Stop profit: 28 points

Soybean Futures
     Soybean prices continue to decline
     Operation suggestion: Today we recommend shorting at 1187.
     Stop loss: 6 points
     Stop profit: 14 points

The contents published in this magazine are for reference only. We have tried our best to be correct and complete. However, due to the changes in time and market objective factors, the relevant conditions of industries, markets or individual stocks have changed. Investors must consider their investment needs and risks on their own.