Weekly market recap

• For the week, the $Nasdaq Composite Index(.IXIC.US)$ gained 2.06%, the $S&P 500 index(.SPX.US)$ gained 1.16%, and the $Dow Jones Industrial Average(.DJI.US)$ increased 0.94%.

• The May jobs report looms large for markets in the week ahead

May's employment report is the big event in the week ahead, as stocks enter the often weak month of June. The economy is front and center in the coming week with the important ISM readings on manufacturing and services sector activity, but the most important measure will be Friday's jobs report. According to Dow Jones, economists expect Friday's employment report to show the creation of about 674,000 jobs in May, after the disappointing 266,000 jobs added in April. 

You know if we have two months in a row of not delivering on the jobs expectations, the market is going to get nervous. Hopefully, we beat it and then that creates a positive buzz, and we go into the Fed meeting and then we're, 'Hey, the economy is still on track.'

-Geroge Goncalves, head of macro strategy at MUFG

• Inflation flare-up

With the PCE number coming in like every other inflation number over the last six weeks, hotter than expected, the market is inching closer to calling the Fed out on its view that inflation is transitory. 

Emanuel said the speculative activity around meme stocks this week is a sign of froth and shows a large amount of liquidity in the hands of investors.

The net net on the index level is basically it's a stock market that's moving sideways. Our view continues to be that when you look at it longer term, the big picture is this is a bull market that started in March of last year that has further to run. When you look at it in the medium term, the market has every right to be concerned and we do believe they will amp up their concern that the Fed's paying insufficient attention to price stability.

-Julian Emanuel, head of equity and derivatives strategy at BTIG

Here's a look at the returns of S&P 500 sectors.

The week ahead in focus

Here are the most anticipated earnings releases, IPOs and economic events for the week ahead.

• Companies including Zoom, CrowdStrike and Lululemon report results this week.

• $Zoom Video Communications Inc(ZM.US)$, the California-based communications technology company, is expected to report its first-quarter earnings on Tuesday.

  Investors will probably be approaching the videoconferencing specialist's report with cautious optimism. Many investors are concerned about Zoom's ability to keep churning out strong growth in an environment where the pandemic is waning in the United States and some other countries, thanks to successful vaccine programs.

  Zoom management guided for revenue between $900 million and $905 million, representing growth of 175% year over year at the midpoint. It also expects adjusted EPS to be between $0.95 and $0.97, representing a growth of 380% year over year at the midpoint. 

• $CrowdStrike Holdings Inc(CRWD.US)$ is expected to post quarterly earnings this Thursday. The company provides cloud workload and endpoint security, threat intelligence, and cyberattack response services. The company has been involved in investigations of several high-profile cyberattacks, including the 2014 Sony Pictures hack, the 2015–16 cyberattacks on the Democratic National Committee(DNC), and the 2016 email leak involving the DNC.

  This cloud-based security company is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of +200%. Revenues are expected to be $292.2 million, up 64.1% from the year-ago quarter.