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June 03, 2013 08:38 AM

Monday Morning Business Brief

Wall Street managed to extend its winning streak in May, despite a steep plunge at the end. The Dow plunged 209 points Friday, its worst drop in six weeks. The Nasdaq dropped 35 on Friday and the S&P 500 lost 24. Still, the S&P had its seventh straight monthly gain, its best run since 2009. Futures trading suggests opening gains to start the week.

  • Uncertainty about the U.S. Federal Reserve's next course of action and a sharp, sudden plunge on Wall Street sent international stock markets lower today. Benchmark crude slipped and remains below $92 per barrel. The dollar fell against the euro and the yen.
  • This week's schedule of economic reports starts this morning when the Institute for Supply Management releases its manufacturing index for May. Other reports include factory orders and the Federal Reserve's Beige Book on Wednesday. The big news comes Friday, when the Labor Department releases the employment report for May.
  • A report says China's manufacturing shrank slightly last month, adding to signs of an uncertain recovery in the world's second-biggest economy. HSBC's monthly purchasing managers' index fell to 49.2 in May. That's down from 50.4 in April. Readings below 50 indicate a contraction. It's the first time the index has fallen below 50 since October.
  • Taiwan's struggling PC makers are unveiling a new generation of ultra-thin laptops at the world's second-biggest computer show this week, even as they tap into the ever-expanding tablet market to help compensate for declining computer sales. It won't be an easy transition for them, but the makers hope the traditional glitz of the five-day Computex exhibit opening tomorrow will help them compete.
  • Business
  • Economy/Stocks

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