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The Labor Department issues weekly data for jobless claims. Initial jobless claims is expected to have dropped to 279,000 from 282,000 in the previous week. (0830/1230) The department will also issue data for revised labor costs for the first quarter, expected to have risen to 5.9 percent from 5.0 percent in the previous quarter. (0830/1230) Separately, Challenger, Gray & Christmas Inc releases its report on job cuts for May. (0730/1130)
JM Smucker Co, the maker of Folgers coffee and Jif peanut butter, is expected to report fourth-quarter sales, above analysts' average estimate, according to Thomson Reuters StarMine. The company said in February it expected a modest decrease in net sales in the fourth quarter as demand for its coffee products is likely to stay low due to price increases in the United States. But the coffee business is likely to get back on track later this year as bean prices stabilize and the company introduces smaller Folgers coffee cans to win back customers it lost after raising prices.
Federal Reserve Governor Daniel Tarullo takes part in panel discussion of "The economy and financial regulation" at the 2015 Institute of International Finance North America Summit. (1200/ 1600) The International Monetary Fund's managing director, Christine Lagarde, holds a yearly press conference to share advice and analysis on the U.S. economy. Discussion International Monetary is expected to focus on the likely Fed path, and what issues the United States faces with an aging population and a still weak recovery in employment.
Credit card swipe machine maker Verifone Systems Inc is expected to report second-quarter profit and revenue above analysts' estimates, according to Thomson Reuters StarMine data. Verifone expects its European business to get more clients as the industry continues to upgrade to "near field communication" technology. In the first quarter, the company got about 67 percent of its total revenue from outside North America. Investors will be looking for any commentary on the third-quarter earnings forecast.
Mining equipment manufacturer Joy Global Inc is expected to report lower second-quarter revenue and profit as coal miners cut production. Investors will look for an update on full-year financial forecast.
May data for Canada's Ivey Purchasing Managers index will be released. It is expected to have dropped to 55.5 from 58.2 in April. (1000/1400)
Brazilian central bank's monetary policy committee, known as Copom, sets Brazil's benchmark lending rate.
Mexico's central bank is expected to hold borrowing costs at a record low following weak growth in the first quarter and a deep slump in the peso that has not fanned inflation. Analysts polled by Reuters expect the Banco de Mexico to hold its key rate at 3.00 percent on June 4. (1000/1400)
LIVE CHAT: MACRO FOCUS - Previewing the May jobs report with Nationwide's David Berson A June hike may be off the table, but a strong set of employment data for May will reignite debate about the timing of the next Fed move. Nationwide Chief Economist David Berson returns to the Global Markets Forum at 1000 ET (1400 GMT) to discuss the labor market, housing, inflation and the forces illuminating the macro economic picture of the United States. To join the conversation, click here: bit.ly/1kTxdKD (Compiled by Nivedita Balu; Edited by Maju Samuel)