The Week Ahead: Trade Tension, Jobs Data, and Salesforce.com Earnings

As June gets under way, the focus in the financial markets will be on the U.S. economy and the growing trade tensions between the U.S., China, and now Mexico.

Bond markets have been signaling worries about a slowdown in the global economy, and investors will look to Friday's employment report for signals about the health of the U.S. job market.

April's report showed a very strong job market, with unemployment at its lowest levels in decades. The question is whether that picture will have started to change in May.

Investors will also keep an eye on headlines about U.S.-trade disputes, which many economists say threaten the hurt the U.S. economy.

Morningstar analyst Preston Caldwell has warned about the long-term impact that a new cold war between China and the U.S. could have on the Chinese economy, which in turn could ripple to other parts of the globe.

And while the trade tensions have worried tech-stock investors, Morningstar analyst Brian Colello says that although some semi-conductor and telecommunications stocks could suffer in the short term, longer-term their growth stories remain intact.

On the earnings front, the calendar is fairly quiet with first quarter results in the books and the second quarter still under way. Among the companies reporting is Salesforce.com CRM, the Morningstar four-star rated software company. Analyst Dan Romanoff expects commentary from Salesforce around new business bookings to be solid, which could set a stabilizing tone for software companies.