The S&P 500 was little changed on the first trading day of the week, as the index attempts to hit a record high amid optimism about the reopening of the economy underway this summer. It is currently trading just below its record highs, while the Dow Jones Industrial Average is up slightly, and the Nasdaq Composite is flat.
S&P 500 Index rose about 0.6% over the past week, bringing its gains in 2021 to more than 12%.
Friday's jobs report showed that the unemployment rate fell to 5.8% from 6.1% and 559K jobs were added in May. The report was strong enough to maintain investor confidence in the economy, but weak enough to prevent the Federal Reserve from rushing to change its accommodative monetary policies.
Investors are focused on inflation data this week, and the CPI for May is due on Thursday. In April, the index rose by 4.2% from the previous year, the fastest increase since 2008, and if prices continue to rise, it could cause the Federal Reserve to roll back its easing policies.
Over the weekend, the G7 reached an agreement on global tax reform, calling on the world's largest companies to pay a tax of at least 15% on their profits. This is less than the Biden administration's initial proposal for a minimum tax rate of 21%, which has not received much enthusiasm in other countries. Major companies including Facebook and Google have responded positively to the agreement.
