The quiet trading days of late May could fade fast as markets brace for two major events towering at the end of the week—a rate cut in Europe and the U.S. monthly jobs report.
The European Central Bank European meets Thursday and is widely expected to cut its deposit rate, putting it into negative territory for the first time, and take actions to promote small business lending. The ECB has been signaling that it could take action, including in comments from Mario Draghi, ECB's president, who set the table for a move following the last rate meeting.
There is a heavy calendar of economic reports in the U.S., the most important of which is Friday's May employment report. Economists expect job creation to have slowed from April's 288,000 nonfarm payrolls but still come in above 200,000. While there are few earnings reports, Apple promises to grab headlines when its Worldwide Developers conference starts Monday and when its stock splits 7-for-1 later in the week.