The Bottom Line
Good news for the U.S. and Canadian economies was bad news for North American equity markets on Friday. May U.S. Non-farm Payrolls increased to 172,000 versus a consensus 90,000 increase. Canada’s May Employment increased 87,500 versus a consensus 10,000 increase. The stock market interpreted the good economic news as a delay in possible interest rate reductions. The S&P 500 dropped 200.57 to 7,283.74 and the TSX Composite Index dropped 803.61 to 34.313.45.
Focuses this week are on U.S. inflation reports: May Consumer Price Index report released on Wednesday and May Producer Price Index report released on Thursday.
Technology focus this week is on Apple’s World Wide Developers Conference from June 8th to June 12th. Keynote speech featuring Tim Cook’s address and forecasts is released at
10:00 AM Pacific Time on Monday June 8th.
Earnings and Revenue Consensus for S&P 500 Companies
Source: www.factset.com
Analysts increased their 2026 earnings and revenue estimates again last week
- Consensus for second quarter 2026 earnings gains increased to 21.7% from 21.6% last week. Consensus for revenue gains remained at 12.0%.
- Consensus for third quarter 2026 earnings gains increased to 25.1% from 24.8%.last week. Consensus for revenue gains increased to 10.7% from 10.6%.
- Consensus for fourth quarter 2026 earnings gains increased to 22.6% from 22.3%. Revenue gains increased to 10.2% from 10.1%.
- For all of 2026, consensus for earnings gains increased to 22.8% from 22.6%. Consensus for revenue gains increased to 10.8% from 10.7%.
Economic News This Week
Source: www.marketwatch.com
U.S. May Existing Home Sales released at 10:00 AM EDT on Tuesday are expected to be unchanged from April at 4.0 million units.
U.S. April Wholesale Trade released at 10:00 AM EDT on Tuesday is expected to increase 0.5% versus a 1.3% increase in March.
U.S. May Consumer Price Index released at 8:30 AM EDT on Wednesday is expected to increase 0.5% versus a 0.6% increase in April. On a year-over-year basis, May CPI is expected to increase 4.2% versus a 3.8% increase in April. Excluding food and energy, May CPI on a year-over-year basis is expected to increase 2.9% versus a 2.8% increase in April.
U.S. May Producer Price Index released at 8:30 AM EDT on Thursday is expected to increase 0.6% versus a 1.4% increase in April. Excluding food and energy, the May Index is expected to increase 0.4% versus a 1.0% increase in April.
Preliminary U.S. June Consumer Sentiment released at 10:00 AM EDT on Friday is expected to drop to 45.5 from 48.2 in May.
Selected Earnings News This Week
Source: www.investing.com
Quiet week ahead!
Monday: Campbell Soup
Tuesday: Cracker Barrel
Wednesday: Oracle
Thursday: Adobe, Dollarama, Lennar
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for June 5th 2026
Green: Increase from previous day
Red: Decrease from previous day
Source for all positive seasonality ratings: www.EquityClock.com
Commodities
Daily Seasonal/Technical Commodities Trends for June 5th 2026
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for June 5th 2026
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Money Talks with Michael Campbell (June 6th episode)
Michael Campbell’s MoneyTalks – Complete Show (mikesmoneytalks.ca)
Stock Market Crash or Classic Pullback? Major Technical Analysis Reveal, Key Chart Levels To Watch: Verified Investing
May Jobs "Too Good:" Yields Rise to Pressure Stocks & Fed: Schwab Network
May Jobs "Too Good:" Yields Rise to Pressure Stocks & Fed – YouTube
Finding the Next Leaders with EPS Momentum | STRONG Earnings + STRONG Price! Dave Keller
Finding the Next Leaders with EPS Momentum | STRONG Earnings + STRONG Price! – YouTube
"Things will Escalate Next Week" | Martin Armstrong on Iran, Ukraine, Peace, Gold & Bitcoin
https://www.youtube.com/watch?v=UUz7YOLVy9o
Ed Yardeni: Friday’s market stumbles are a healthy development
Ed Yardeni: Friday’s market stumbles are a healthy development – YouTube
Weekly Update with Larry Berman – June 6, 2026
https://www.youtube.com/watch?v=hLGh633paaQ
Is Canada Really in a Recession? Bob Hoye
https://www.howestreet.com/2026/06/is-canada-really-in-a-recession-bob-hoye/
Changes Last Week
Technical Notes for Friday
Australia iShares (EWA) moved below $28.48 completing a double top pattern
Lithium ETN (LIT) moved below $80.57 completing a double top pattern.
Gold Bullion SPDRs (GLD) moved below $399.20 extending an intermediate downtrend.
Junior Gold ETF (GDXJ) moved below $102.88 extending an intermediate downtrend.
Platinum ETN (PPLT) moved below $16.44 extending an intermediate downtrend.
Berkshire Hathaway (BRK.B) an S&P 100 stock moved above $489.42 setting an intermediate uptrend.
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 1.40 to 54.60 on Friday and but added 0.20 last week to 54.80. It remains Neutral
The short term (20 days) Barometer slipped 0.60 on Friday and added 9.40 last week to 60.40. It changed last week from Neutral to Overbought on a move above 60.00.
The long term Barometer added 0.60 on Friday and was unchanged last week at 59.20. It remains Neutral.
TSX Momentum Barometers
The intermediate term Barometer plunged 14.55 on Friday and dropped 11.82 last week to 50.00. It changed from Overbought to Neutral on a drop below 60.00.
The short term Barometer plunged 13.84 on Friday and dropped 10.00 last week to 49.09. It changed on Friday from Overbought to Neutral on a drop below 60.00.
The long term Barometer dropped 5.91 on Friday and plunged 13.64 last week to 63.18. It remained Overbought. Daily downtrend was extended.
Disclaimer: Seasonality ratings and technical ratings offered in this report and at
www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed
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Equity Clock Publications