Market records; Jobs report; Oil prices drop

1. New records in sight?: U.S. stock markets hit record levels on Thursday and the momentum is set to continue.

Stock futures are pointing higher.

The Dow added 136 points to close at 21,144 on Thursday, its first record close since March 1. The S&P 500 and Nasdaq also finished at all-time highs.

While many American were focused on the fallout from President Trump’s decision to withdraw from the Paris climate deal, market analysts said Wall Street’s march higher was linked to healthy signals from the U.S. economy.

“It’s not because of the climate accord. People expected that,” said David Kelly, chief global strategist at JPMorgan Funds.

Investors instead focused on a report from ADP that showed the U.S. added 253,000 private-sector jobs in May.

“It was a very strong reading and helps reduce worries the economy had lost momentum,” Kelly said.

2. Jobs, jobs, jobs: Investors are hoping for more good news when the U.S. jobs report is published at 8:30 a.m. ET.

Economists surveyed by CNNMoney predict the U.S. added 179,00 jobs in May. They expect the unemployment rate to remain at 4.4%.

“Everything indicates an economy that is at full employment,” said Paul Donovan, global chief economist at UBS Wealth Management. “With full employment reached, the economic focus is whether the labor market can provide higher incomes.”

A solid jobs report will likely clear the way for the U.S. Federal Reserve to raise interest rates later this month.

3. Mind the gap: The U.S. Census Bureau is releasing new trade balance data at 8:30 a.m.

The monthly report for April is expected to show the U.S. continued to import more than it exports, leading to a trade gap worth about $44 billion in the month.

Trump has seized on America’s trade deficit as a serious problem, especially with nations like China and Germany.

4. Global market moves: European markets were rising in early trading. The Dax in Germany led the way with a 1% gain.

Asian markets ended the day with gains. The Nikkei in Japan performed particularly well with a 1.6% jump.

Crude oil futures were down 2% to trade just below $47.50 per barrel. Gold slipped by 0.5% to trade near $1,265 per ounce.

5. Coming this week:

Friday – U.S. jobs report at 8:30 a.m.

May jobs report: 4 things to know
Tim Cook: I asked Trump to stick with Paris climate deal 'but it wasn't enough'

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