Wall Street Rally at Records Faces Jobs and AI Earnings Test

Wall Street enters June at record highs after the S&P 500 posted its ninth straight weekly gain and the Nasdaq surged 9% in May. The rally now confronts its biggest test yet as Friday’s May jobs report, expected to show 93,000–105,000 new positions and a 4.3% unemployment rate, arrives alongside key tech earnings from Broadcom and Palo Alto Networks. Geopolitical tensions have lifted Brent crude above $93, adding inflation risks, while events such as the Quantinuum IPO and FedEx Freight spinoff add further market-moving potential. Investors remain cautiously optimistic but alert to any disappointing data that could alter the Fed’s path.