The Calendar

The Bureau of Labor Statistics releases the job openings and labor turnover survey for May tomorrow. Economists forecast 9.3 million job openings, matching the April figure, the highest since the data were first collected in December 2000.

The Federal Open Market Committee releases minutes from its mid-June monetary-policy meeting. Fed officials signaled that interest rates would rise sooner and faster than Wall Street had expected prior to the meeting, as inflation is rising at its fastest pace since 2008. Seven officials now expect rates to be lifted next year, compared with four in March.

The Mortgage Bankers Association reports mortgage applications for the week ending on July 2. Mortgage applications declined 6.9% this past week and have fallen in four of the past six weekly surveys, as supply constraints have pushed home-price growth to record levels.