Focus on next week's Nonfarm Payrolls report: expected increase of 96,000 jobs; a figure exceeding 150,000 may raise concerns of overheating and pressure the stock market.

⑴ The US May Non-Farm Payrolls Report will be released on June 5, with market expectations of 96,000 new jobs and an unemployment rate projected at 4.3%. Investors remain cautious about persistently high inflation and the potential for interest rate hikes that could hinder stock market gains. ⑵ If the employment report exceeds 150,000 new jobs, concerns about an “overheated” economy could intensify, pushing US Treasury yields higher and negatively affecting the stock market; conversely, if the data is weaker than expected, it may ease worries about the Federal Reserve shifting toward a tighter stance. Data on Thursday showed that the April PCE Price Index rose by 3.8% year-over-year, marking the largest increase since May 2023. ⑶ Broadcom will release its quarterly earnings on Wednesday, which will serve as a test for AI-related trades and semiconductor stocks. The Philadelphia Semiconductor Index has risen about 80% from its year-to-date low on March 30, while the S&P 500 Index has increased by 19% over the same period. The market expects a higher probability of rate hikes than cuts this year, and the 10-year US Treasury yield around 4.46% remains a key risk point for equities.