Home » Bitcoin, ADP employment, Zoom earnings top week ahead
Bitcoin, ADP employment, Zoom earnings top week ahead
NYSE president: Bitcoin not a threat to traditional investing
New York Stock Exchange President Stacey Cunningham on today’s markets, the reopening economy, cryptocurrencies and potential higher taxes under the Biden administration.
The upcoming week will start out quiet for the markets due to the Memorial Day holiday, but will ramp up as investors are hit with a wave of economic data including ADP employment, non-farm payrolls and the Beige Book and earnings from big names like Zoom, Advanced Auto Parts, Express and Slack.
One of the biggest cryptocurrency events of the year, the 2021 Bitcoin conference, will also take the spotlight later this week.
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This as the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite are sitting near record highs.
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
The market will be closed on Monday due to the Memorial Day holiday. However, the day will be important for small business owners as it marks the deadline to apply for the latest round of the Paycheck Protection Program funding.
According to the Small Business Administration data as of May 23, more than $795 billion has been allocated to through over 11.6 billion loans since the rescue fund's inception in March 2020. Just a fraction of the $292 billion that Congress allocated to the rescue fund this year is left – most of which is reserved for financial lenders that serve underserved communities.
Businesses with fewer than 500 employees could receive as much as $10 million through the program and are required to spend at least 60% of the money on maintaining payroll in order for the government to forgive the full loan. The remaining 40% could be spent on operating costs such as mortgages, rent and utilities. Only businesses with 300 employees or fewer were eligible to receive a second loan, which was capped at $2 million.
Kicking off the week's earnings on Tuesday will be Kirkland's before market open, followed by Hewlett-Packard Enterprise and Zoom Video Communications after the bell. The initial public offering for SoFi Technologies is also set to begin trading on the New York Stock Exchange under the ticker symbol SOFI.
HEWLETT-PACKARD ENTERPRISE CO.
ZOOM VIDEO COMMUNICATIONS, INC.
Economic data to watch on Tuesday includes the ISM manufacturing PMI, construction spending, and vehicle sales.