MARKET RECAP at 4 pm ET

Wall Street rose as investors looked

past widespread social unrest and
Coming Up
pandemic worries and focused on signs The ADP National Employment report coronavirus-induced store closures.
of economic recovery. The dollar fell is expected to show private payrolls However, investors will be on the
on improved risk appetite and gold dropped 9.000 million in May, following lookout for growth in online sales of its
prices retreated. Treasury yields were a record 20.236 million plunge in April. intimate brand as demand for
higher. Oil climbed on hopes that major U.S. factory orders for April is likely to loungewear grows.
crude producers will agree to extend have dropped further to 14% from a
output cuts. 10.3% fall in March. The ISM non- Brazil's IPC-Fipe inflation index data
manufacturing PMI is likely to show a for May is due for release. The
STOCKS Close Chng %Chng Yr-high Yr-low reading of 44.0 in May, rising from 41.8 country's industrial output numbers
DJIA 25742.17 268.11 1.05 29568.57 18213.65 in April. are slated for later in the day. IHS
Nasdaq 9608.38 56.33 0.59 9838.37 6631.42 Markit's Brazil services and
S&P 500 3080.82 25.09 0.82 3393.52 2191.86 Goldfish crackers maker Campbell composite Purchasing Managers'
Toronto 15394.36 158.15 1.04 17970.51 11172.73 Soup Co is likely to post a decrease in Index numbers for May are also
FTSE 6220.14 53.72 0.87 7689.67 4898.79 third-quarter sales, as the impact from scheduled.
Eurofirst 1399.62 20.95 1.52 1691.19 1051.38 divestiture of some international
Nikkei 22325.61 263.22 1.19 24115.95 16358.19 businesses is expected to offset PROMOTION
Hang Seng 23995.94 263.42 1.11 29174.92 21139.26 coronavirus-driven boost in sales of its LIVECHAT – REUTERS GLOBAL
products. Profit is expected to rise. MARKETS FORUM
TREASURIES Yield Price
Investors will be on the lookout for Reuters stocks correspondents in
10-year 0.6819 -6 /32 comments on current levels of demand. London and New York look at the
2-year 0.1702 -1 /32 major factors moving bourses on both
5-year 0.3211 -3 /32 American Eagle Outfitters Inc is set sides of the Atlantic. (1000 ET/1400
30-year 1.4846 -22 /32 to report a loss for the first-quarter, as GMT) To join the conversation, click
the apparel retailer takes a hit from here
FOREX Last % Chng

Euro/Dollar 1.1163 0.26

Dollar/Yen 108.69 1.03
Sterling/Dollar 1.2542 0.40
KEY ECONOMIC EVENTS
Dollar/CAD 1.3524 -0.35 Events ET Poll Prior
TR/HKEX RMB 91.94 0.15
ADP national employment for May 0815 -9,000,000 -20,236,000
Markit Composite Final PMI for May 0945 -- 36.4
COMMODITIES ($) Price Chng % Chng
Markit Services Final PMI for May 0945 -- 36.9
Front Month Crude /barrel 36.89 1.45 4.09
Spot gold (NY/oz) 1725.89 -14.11 -0.81
Durables ex-defense R mm for Apr 1000 -- -16.2%
Copper U.S. (front month/lb) 0.0250 0.0002 0.83 Durable goods R mm for Apr 1000 -- -17.2%
CRB Index Total Return 142.41 1.88 1.34
Factory orders mm for Apr 1000 -14.0% -10.3%
Durables ex-transport R mm for Apr 1000 -- -7.4%
S&P 500 Price $ Chng % Chng
Nondefense cap ex-air R mm for Apr 1000 -- -5.8%
GAINERS
Factory ex-transport mm for Apr 1000 -- -3.7%
Western Union Co 23.10 2.39 11.54
DXC Technology Co 16.17 1.41 9.55 ISM N-Manufacturing PMI for May 1000 44.0 41.8
Equifax Inc 167.04 11.99 7.73 ISM N-Manufacturing Business Activity for May 1000 34.0 26.0
LOSERS
ISM N-Manufacturing Employment Index for May 1000 -- 30.0
Tiffany & Co 117.01 -11.49 -8.94
Coty Inc 4.19 -0.20 -4.56 ISM N-Manufacturing New Orders Index for May 1000 -- 32.9
Newmont Corporation 58.47 -2.02 -3.34 ISM N-Manufacturing Price Paid Index for May 1000 -- 55.1
Market Monitor
Wall Street posted gains as market
participants looked past widespread
social unrest and pandemic worries to
focus instead on easing lockdown
restrictions and signs of economic
recovery. "There is that rotation going
on as traders add more risk to their
portfolios with securities that have been
beaten up and should benefit as the
economy recovers," said Tim Ghriskey,
chief investment strategist at Inverness
Counsel in New York. "That's what the
market has been reaching for lately -
the battle between growth and value for
leadership of the market." "Most of the
focus is on the social unrest," Ghriskey
added. "We all hope calmer heads will
prevail and we will address the issues
at the root of it all. But this shouldn't
have any impact on the markets." The
Dow Jones Industrial Average rose
1.05% to 25,742.17, the S&P 500
gained 0.82% to 3,080.82 and the
Nasdaq Composite added 0.59% to
9,608.38.
economic downturn from the spread of that the reopening of economies
Longer-term Treasury yields were the coronavirus is in the past. “The around the world will increase demand
higher as investors looked for more good times continue to roll in risk and will get us in a position such that,
bonds to be issued in response to the markets,” Mazen Issa, senior FX by August, the oil market will be in
ongoing economic crisis. In addition, strategist at TD Securities, said in a balance," said Andy Lipow, president of
the part of the yield curve measuring report. “As intense as the rally has consultants Lipow Oil Associates.
the gap between yields on 5- and 30- been, this is likely set to continue as Brent crude rose 3.47% to $39.65 a
year Treasuries was at 116.2 basis the breadth of the equity rally has now barrel. U.S. West Texas Intermediate
points. The steepening reflected more spread outside the U.S.” The dollar crude was 4.09% higher at $36.89 a
U.S. bonds being sold to finance index against a basket of major barrel.
massive stimulus efforts, said Kim currencies fell 0.13% to 97.71. Against
Rupert, senior economist for Action the Japanese yen, the dollar rose Gold fell as investors booked profits
Economics. The dynamic has also 1.03% at 108.69 yen. The Australian and Wall Street rallied on optimism
helped stocks recover, she said. "A dollar jumped 1.34% to $0.6888. over economies emerging from
steepening curve does give equities a coronavirus-led shutdowns. "There is
bit of a kick," she said. The benchmark Oil prices climbed on hopes that major continuation of optimism in regards to
10-year notes were down 6/32 to yield crude producers will agree to extend the reopening of the economy, shown
0.68%. The 30-year bonds fell 22/32 output cuts during a video conference in the ongoing rally in equities... Under
to yield 1.48%. expected to be held this week and as that premise, it's easy to understand
countries and U.S. states begin to gold could be slightly vulnerable," said
The Japanese yen fell against the U.S. reopen after coronavirus lockdowns. David Meger, director of metals trading
dollar and higher-risk currencies "There's the anticipation that OPEC+ is at High Ridge Futures. Spot gold fell
including the Australian dollar going to agree to extend their current 0.81% to $1,725.93 per ounce. U.S.
jumped, as risk appetite grew on levels for another two months, and at gold futures were down 0.89% at
optimism that the worst of the the same time, the market anticipates $1,734.80 an ounce.

2
Top News
U.S. auto sales in May encourage
Detroit plan to rebuild inventories
Several automakers reported stronger-
than-expected May sales in the United
States, and the Detroit automakers
said they will work through their annual
summer shutdowns to rebuild
inventories as demand recovers from
coronavirus shutdowns. Toyota Motor,
said overall U.S. sales fell about 26%
in May, but retail demand rebounded to
86% of levels in May 2019, exceeding
the company's forecasts. Hyundai
Motor said overall U.S. sales in May fell
13%. General Motors said it will keep
building vehicles at most of its U.S.
plants "to meet strengthening customer
demand," instead of taking a traditional
two-week summer shutdown starting
June 29, GM spokesman Jim Cain
said. Half of Ford Motor's eight U.S.
assembly plants have reduced their
A file photo of new cars shown for sale at a Chevrolet dealership in National City, California,
shutdowns to one week. Others are June 30, 2017. REUTERS/Mike Blake
shifting their breaks to later in the year.
Meanwhile, the collapse in demand for
new vehicles from U.S. rental car fleets versions to be inhaled. Separately, necessary approvals - including CFIUS
hit automakers hard in May, even as India's government said it has - demonstrates." Reuters could not
consumer sales were stronger than approved Gilead Sciences' antiviral determine what representations Kunlun
expected as coronavirus stay-at-home drug remdesivir for emergency use for had made to CFIUS, and whether the
orders began to ease. To read more, five doses in treating COVID-19 links between Kunlun and the buyer
click here patients. To read more, click here raised red flags with the panel.
However, some experts said any
Gilead's next step on coronavirus: Winning bidder for Grindr has ties to situation in which the seller retained
inhaled remdesivir, other easier-to- Chinese owner influence over the asset it had been
use versions An investor group that got U.S. ordered to sell could draw scrutiny from
Gilead Sciences is developing easier-to approval to buy Grindr has financial CFIUS and trigger penalties under U.S.
-administer versions of its antiviral and personal links to the dating app's law.
treatment remdesivir for COVID-19 that current owner, China's Beijing Kunlun
could be used outside of hospitals, Tech, Reuters has found, in a possible After Facebook staff walkout,
including ones that can be inhaled, departure from Washington’s national Zuckerberg defends no action on
after trials showed moderate security policy on deals. A Reuters Trump posts
effectiveness for the drug given by review of confidential fundraising Facebook CEO Mark Zuckerberg told
infusion. Gilead in a statement on documents and interviews with two employees that he stood by his
Monday said it is looking at ways to sources familiar with the deal show that decision not to challenge inflammatory
use remdesivir earlier in the course of a close business associate of Kunlun's posts by U.S. President Donald Trump,
disease, including via alternate founder tried to raise money for a fund refusing to give ground a day after staff
formulations. The company confirmed to buy Grindr. When presented with members staged a rare public protest.
in an email that it is researching an Reuters' findings, a Grindr Zuckerberg told employees that
inhaled version, but declined further spokeswoman said: "The buyers for Facebook had conducted a thorough
comment. They have said that in the Grindr were selected after an extensive review and was right to leave the posts
longer term, the company is exploring a and unbiased bidding process that unchallenged, a company
subcutaneous injection formulation of complied fully with all applicable spokeswoman said. She said
remdesivir, as well as dry powder regulations, as the receipt of all Zuckerberg also acknowledged the

3
decision had upset many people
working at the company. "It's crystal
clear today that leadership refuses to
stand with us," Brandon Dail wrote on
Twitter. Dail's LinkedIn profile
describes him as a user interface
engineer at Facebook in Seattle.
Bank of America pledges $1 billion
to address racial, economic
inequality
Bank of America pledged $1 billion to
help communities across the country
address economic and racial inequality,
the first big bank to vow monetary
support following violent protests after
the death of an unarmed black man at
the hands of police in Minneapolis.
"The events of the past week have
created a sense of true urgency that
has arisen across our nation,
particularly in view of the racial
injustices we have seen in the
communities where we work and live,"
Chief Executive Officer Brian Moynihan
said. "We all need to do more," he said
in a statement. Bank of America said
its four-year commitment will include
programs such as virus testing and
other health services, especially
focusing on communities of color,
support to minority-owned small
businesses, and partnerships with
historically black and Hispanic
educational institutions.
GM, Ford join U.S. companies
condemning George Floyd death,
racism
General Motors and Ford Motor
condemned racial inequality in the
United States following the death of
George Floyd, an unarmed black man,
at the hands of police in Minneapolis
last week. In a letter to employees, GM
Chief Executive Officer Mary Barra
wrote she was "impatient and
disgusted" following the death of Floyd
and emphasized the need to
"individually and collectively" drive
change. Barra also said she was
commissioning an inclusion advisory
board at the company. Ford's executive
chairman, Bill Ford, and CEO Jim
Hackett also wrote a joint letter to
employees addressing the "tragic killing
of George Floyd" and America's
"systemic racism." "And while we would
like to say that racism has no place in
our society, we know that systemic
racism still exists despite the progress
that has been made. We cannot turn a
blind eye to it or accept some sense of
order that's based on oppression," the
letter said.
Seadrill warns on future after taking
$1.2 billion write-off
Seadrill announced a writedown of $1.2
billion on the value of its oil drilling rigs
and warned its survival hinges on
converting parts of its $7.4 billion in
debt into equity. The company plans to
cut 1,400 jobs and lower costs by $130
million over the next 18 months, Chief
Financial Officer Stuart Jackson told a
conference call. Seadrill is hiring
bankers and lawyers to overhaul its
finances later this year, although it did
not name the advisors. "This industry
has two fundamental challenges which
are emphasised by recent events -
there are too many rigs carrying too
much debt," CEO Anton Dibowitz said.
"We recognise, along with others in the
sector, that a number of our assets are
increasingly unlikely to return to the
market and need to be scrapped."
Following the impairment, the company
reported a net loss of $1.57 billion for
the first quarter versus a loss of $295
million a year earlier.
Bristol Myers' treatment succeeds in
late-stage bowel disease study
Bristol Myers Squibb said its treatment
Zeposia, which it gained through its
$74 billion buyout of Celgene last year,
met the main goals of a late-stage
study testing it in patients with an
inflammatory bowel disease. Bristol
Myers said patients taking the drug,
also known as ozanimod, achieved
clinical remission of ulcerative colitis
when compared to a placebo. The drug
competes in the highly lucrative but
competitive multiple sclerosis market
and is also being tested for the
treatment of other immune-
inflammatory diseases such as Crohn's
disease. Zeposia, which is available at
a list price of $86,000 a year for the
treatment of multiple sclerosis patients,
is expected to bring in sales of over
4
$400 million by 2021, according to
IBES data from Refinitiv.
#BlackOutTuesday sweeps social
media as U.S. street protests
escalate
The hashtag #BlackOutTuesday
became the top trending item on
Twitter as hundreds of thousands of
businesses and individuals, including
TV channels and celebrities, posted
black screen shots to signal support for
racial justice as street protests over the
police killing of George Floyd entered a
second week. Many companies paused
normal work and directed their efforts
to support the work of Black Lives
Matter and other social justice groups.
Streaming service Spotify highlighted
the music of black artists, Sirius XM
Radio said it would silence its music
channels for three minutes, and Apple
Music DJ Zane Lowe tweeted that he
wouldn't host his radio show but would
be "listening, learning and looking for
solutions to fight racial inequality."
ViacomCBS said it will be "on pause",
a day after CBS News, MTV and
Comedy Central went dark for 8
minutes and 46 seconds - the length of
time Floyd's neck was pinned to the
ground by the knee of a police officer.
Stitch Fix to cut 1,400 jobs in
California, invest in other U.S. states
Stitch Fix said it plans to cut up to
1,400 jobs in California and invest in
other U.S. states where the apparel
seller would offer new roles to all those
affected. The San Francisco-based
company said it was getting
increasingly expensive to operate in
California and plans to hire about 2,000
stylists in other lower-cost locations
such as Dallas, Minneapolis,
Pittsburgh, Cleveland and Austin,
Texas. The strategic move is not
related to the COVID-19 pandemic, the
company added. "All of our California-
based stylists will be offered the
opportunity to relocate to the new roles
in other states," Chief Executive Officer
Katrina Lake said, adding that the
apparel seller would provide financial
help to the stylists, including severance
payments, bonuses, and extended
healthcare.
U.S. President Donald Trump holds up a Bible as he stands in front of St. John's Episcopal Church across from the White House after walking there
for a photo opportunity during ongoing protests over racial inequality in the wake of the death of George Floyd while in Minneapolis police custody,
at the White House in Washington, June 1. REUTERS/Tom Brenner

Insight and Analysis

FOCUS-Sell, stow or dump?
Retailers wrestle with mountain of
unsold stock
Forget fast or slow fashion, now it's
ground to a halt. A mountain of apparel
stock has been piling up in stores,
distribution centers, warehouses and
even shipping containers during
months of COVID-19 lockdowns. As
retailers reopen around the world, they
have to work out how to get rid of it.
Their main options? Keep it in storage,
hold a sale, offload it to "off-price"
retailers like TJ Maxx which sell
branded goods at deep discounts, or
move it to online resale sites. None
are ideal, and all are damage-limitation.
Real estate company Knight Frank
told Reuters it had fielded inquiries for
excess stock for over 6 million square
feet (557,500 square meters) of
short-term let warehouse space in
Britain since the pandemic took hold
there in March.
Relief rally or bear market bubble?
For investors, it's hard to tell
What started as a bear market bounce
in U.S. equities has transformed into
one of the most dramatic rallies in
memory, leaving investors looking to
past rebounds, options markets and
technical analysis for clues on how far
it could run. The S&P 500 is up 37%
since its late March close as of Monday
and the Nasdaq Composite is near a
fresh record after a surge that has
seemingly ignored widespread
economic upheaval and uncertainty
over the coronavirus pandemic. The
rally’s speed has left investors in a
quandary. While few are willing to bet
against a rebound that has steam-
rolled most forecasts, some are
concerned the market has become
detached from economic reality by
expectations of unlimited support
from the Federal Reserve and U.S.
lawmakers.
Financing hunt during pandemic
lifts May U.S. convertible debt
issuance to record
U.S. issuance of convertible bonds in
May hit a record high of $20.7 billion,
according to Bank of America data, as
companies struggling with the impact of
the coronavirus pandemic ventured into
the one-time niche market seeking
cheaper and easier ways to borrow
cash. Convertible bonds, typically
popular in tech and healthcare, saw the
likes of Southwest Airlines and cruise
line Carnival come to market with the
second and third biggest deals of the
year, according to Dealogic data. This
wave of issuance has been met with
increased demand from traditional debt
and equity investors with less
experience in the market, on top of
typical inflows, convertible bond
specialists said. About $20.7 billion in
new U.S. convertible debt was issued
in May, according to Bank of America.

5
CANADA
Market Monitor COMING UP
The Bank of Canada is expected to
Canada's main stock index rose as hold its key interest rate at 0.25%.
energy stocks gained on higher oil
prices, with sentiment also supported
by hopes for an economic recovery
from a coronavirus-fueled slump.

The Toronto Stock Exchange's S&P/ TSE's S&P/TSX composite Price C$ Chng % Chng
TSX composite index ended 1.04% GAINERS
higher at 15,394.36. Baytex Energy Corp 0.59 0.15 34.09
REUTERS/Mark Blinch MTY Food Group Inc 27.95 2.80 11.13

The energy sector climbed 4.56% to Crescent Point Energy Corp 2.21 0.22 11.06
MEG Energy Corp 3.74 0.36 10.65
83.20.
LOSERS
SSR Mining Inc 25.43 -2.40 -8.62
The U.S. dollar was 0.35% lower Alacer Gold Corp 8.21 -0.75 -8.37
against its Canadian counterpart at Pan American Silver Corp 38.36 -2.96 -7.16
C$1.3524. MAG Silver Corp 17.18 -1.27 -6.88

Top News
REUTERS/Blair Gable
ANALYSIS-Canada's Trudeau,
backed by rivals for now, has little
chance to cash in on popularity
boost
Canadian Prime Minister Justin
Trudeau (pictured) is soaring in the
polls amid widespread approval of his
handling of the coronavirus pandemic
but has little chance of cashing in soon
on his popularity with voters, insiders
and analysts say. Trudeau - working
with powerful Conservative provincial
premiers who usually oppose him -
avoided a U.S.-style battle over how
to tackle the outbreak, in part by
promising hundreds of billions in
spending. But six sources within the
federal and provincial governments
with direct knowledge of bilateral
relations say the consensus between
Ottawa and the regions is starting to
fray as they begin to reopen for
business and a possible "second wave"
of contagion looms. Ottawa is already
on track to spend C$300 billion, or 15%
of gross domestic product, on wage
subsidies, monthly income support
for the jobless, and other measures
meant to help bridge the crisis.
Air Canada raises nearly C$1.6
billion amid COVID-19 pandemic
Air Canada said it raised nearly C$1.6
billion by selling shares and convertible
debt to strengthen its balance sheet, in
a sign investors are willing to back
sectors hard hit by the coronavirus
outbreak. The Montreal-based
company will use the funds for working
capital needs and general corporate
purposes. It will allow Air Canada to
"better manage debt leverage and risk"
as the market recovers, Chief Financial
Officer Michael Rousseau said in a
statement. "There's a willingness to
lend money to companies that are
able to bounce back," said a fund
manager, who last month bought back
Air Canada stock after selling earlier in
the year. The portfolio manager, who
was not authorized to speak with
media, said the raise shows investors
are willing to be patient. Greg Taylor, a
portfolio manager at Purpose
Investments, who holds Air Canada
shares, said the carrier was prudent to
do the raise.
Canadian telcos tap Ericsson, Nokia
for 5G equipment amid Huawei
uncertainty
Bell Canada chose Ericsson to be its
5G network equipment supplier, while
smaller rival Telus picked Ericsson and
Nokia, with Huawei continuing to face
an uncertain future in the country. The
announcements come a week after
Huawei's Chief Operating Officer Meng
Wanzhou was dealt a setback by a
Canadian court as she tries to avoid
extradition to the United States to face
bank fraud charges. Canada, which is
reviewing the security implications of
5G networks, is yet to decide on
allowing Huawei to build 5G cellphone
networks in the country.

6
WEALTH NEWS
PROTESTS IMPACTING ECONOMY
George Floyd protests recall earlier tensions,
promises of economic change
In November 2015, the shooting death of Jamar Clark
by Minneapolis police touched off a debate on race and
economic inequality that challenged the city's
progressive image and led local corporate leaders to
back efforts at better sharing the spoils of a booming
Midwestern state. Five years later, the killing of George
Floyd has reopened those wounds and highlighted a
growing concern nationally: The last few years of
economic growth saw gains for lower-income families,
but any hope for a durable narrowing of economic gaps
may have been short-circuited by the coronavirus
pandemic and the subsequent economic crash falling
heavily on minorities. Floyd's death in police custody in
Minneapolis last week may have been a catalyst for an
anger that has spawned protests nationwide, but it was A protester returns a tear gas canister during a march against the death in
in effect the third major shock to hit in as many months, Minneapolis police custody of George Floyd, in Philadelphia, Pennsylvania,
said Tawanna Black, chief executive of Minnesota's June 1. REUTERS/Bastiaan Slabbers
Center for Economic Inclusion.

U.S.-CHINA TRADE
Head of U.S. Senate finance panel sees China keeping trade deal commitments
The chairman of the U.S. Senate Finance Committee said he is not worried that China will fail to keep its commitments under
the Phase 1 U.S.-China trade deal in the long term, despite current friction between the world's two largest economies.

PAYCHECK PROTECTION PROGRAM

U.S. small business program handed out virus aid to many borrowers twice
A technical snafu in a U.S. government system caused many small businesses to receive loans twice or more under a federal
aid program to help businesses hurt by the COVID-19 pandemic, nearly a dozen people with knowledge of the matter said.

DIGITAL SERVICES TAX

U.S. launches trade probe into digital taxes, plowing ground for new tariffs
The United States is investigating digital services taxes being adopted or considered by Britain, Italy, Brazil and other
countries, the U.S. Trade Representative's office said, a move that could lead to new punitive tariffs and heighten trade
tensions.

SHALE RESUMPTION
U.S. shale producers begin restoring output as oil prices turn higher
U.S. shale oil producers are beginning to reverse production cuts as prices recover from historic lows, underscoring shale's
ability to quickly adjust to pricing and posing a challenge to OPEC as it considers extending production curbs.

U.S. PRIMARIES
Confusion, missing ballots as eight U.S. states vote during coronavirus pandemic
Confusion, missing mail-in ballots and long lines at some polling centers marred primary elections in eight states and the
District of Columbia, the biggest test yet of voting during the coronavirus outbreak.

U.S. SANCTIONS
U.S. sanctions four shipping firms for transporting Venezuelan oil
The U.S. Treasury Department said it had sanctioned four shipping firms for transporting Venezuelan oil, the latest escalation
in Washington's effort to oust socialist President Nicolas Maduro by cutting off the OPEC nation's crude exports.

7
KEY RESULTS
Company Name* Quarter ET Smart Estimates EPS Estimates** Year Ago Rev Estimates (mln)

Campbell Soup Q3 BMO $1.12 $1.12 $1.12 $5,506.81

*Includes companies on S&P 500 index. **Estimates may be updated or revised; release times based on company guidance or past practice.

I/B/E/S EPS and revenue estimates, and StarMine Smart Estimates, provided by Refinitiv.

The Day Ahead - North America is compiled by Samrhitha A and Nidhi C Sai in Bengaluru.

For questions or comments about this report, email us at: TheDay.Ahead@thomsonreuters.com.

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