Early Monday morning, US stock futures fell significantly, particularly those tied to the Dow Jones Industrial Average. These fell 0.44% or 139 points, while S&P 500 futures fell 0.6% and Nasdaq 100 futures fell 0.89%.

The Dow and the S&P traded slightly lower last Friday, while the Nasdaq Composite rose for a fifth consecutive day.

Most of the major medians had a positive week after a better-than-expected employment report on Friday, which shows that the economic downturn that investors are anticipating is not yet here, giving them some hope.

Treasury Yields also rose, with two-year Treasury Yields exceeding 10-year yields, a reversal that many believe to be an indicator of a recession. Greg Bassuk, CEO of AXS Investments, also said:

“While the markets ended in solid green for the week, investors should brace for continued volatility in July, with ongoing uncertainties looming with respect to inflation, Fed policy, recession concerns, the enduring Russian-Ukraine war, all as we also move into corporate earnings season.”

Read also: Americans’ Wealth Takes a Hit from Stock Market Collapse

As beneficial as it is to the economy, employment reports could encourage the Federal Reserve to continue its policy of aggressive rate hikes in the coming months to fight high inflation. It remains to be seen, but speculation will be put to the test this week with a series of important bank earnings and consumer inflation data this week.

“With recessionary fears weighing on the markets, investors are hyper-focused on corporate earnings for greater clues about the health of corporate America and the broader US economy,” said Bassuk. “A sharper lens will be needed to dissect these earnings reports, as a strong second quarter might be accompanied by very conservative outlooks.”

“As commodity and other producer costs remain high, companies will be factoring in the extent to which those heightened prices can be passed on to consumers and, likewise, how to keep earnings vigorous amid economic, geopolitical and other key headwinds,” he added. 

Investors are also expecting key inflation data this week, with June CPI out on Wednesday. Headline inflation is expected to rise above 8.6% from May.

“Investors expect more aggressive Fed rate hike actions,” said Bassuk. “Unless the inflation data shows an outsized reduction in prices, balanced against concerns that an over-aggressive boost in rates could tip the US into recessionary territory.”

The June PPI will be released on Thursday, while the University of Michigan Consumer Confidence report will be released on Friday.

Read also: While Inflation Remains High, Jerome Powell Believes a Recession is Unlikely

Since late 2021, large companies like Amazon, Google, and Starbucks have seen a growing trend of workers seeking union representation. While not all efforts have been successful, many remain determined to move forward.

Buffalo Starbucks’ organizational victory inspired other branches across the country to join the union, and Michigan is the latest state to join the union.

More than 10 Starbucks in Michigan has successfully received union votes within months.

“I don’t want better pay for just myself, I want better pay for the guy who’s been here for 14 years and makes 10 cents more than me,” said Hannah Whitbeck, former shift manager at Starbucks in Ann Arbor. 

Whitbeck was instrumental in leading union work on his site, garnering enough votes in early June to be represented at Starbucks Workers United. As a result, only one chain voted against the union.

“Five out of six, in a really small area, I would say is a really good deal,” said Whitbeck.

According to the National Labor Relations Board, union requests increased 57% in the first half of the fiscal year, from October 1 to March 31. But Professor Marick Masters, who teaches business administration at Wayne State University and has written extensively on labor issues, said that despite measurable increases, union membership in Michigan is nowhere near what it once was.

“In 1960, 50% of the workers in Michigan were unionized,” he revealed.

“So this is perhaps a tipping point, but it’s too early to tell whether or not this represents a sea-change in union success, either in Detroit, statewide, or nationally.”

Starbucks is not alone, as workers at Great Lakes Coffee Roasting Company, a Midtown coffeehouse, went on strike in February demanding better benefits, higher wages and paid sick leave.

Like many others, the cafe is pushing for a union. However, the store closed in January due to a COVID outbreak. Others credit the COVID-19 pandemic as a catalyst for union efforts. Meanwhile, Hannah Whitbeck thinks the craving existed long before COVID and said she and her colleagues want to feel like they’re sitting at the table.

The former regulator says the pandemic has only made concerns more apparent.

In April, Whitbeck was fired from her job for leaving a bartender unattended. She claims she never received a formal warning and was only late once after a car accident. Whitbeck believes his resignation was due to his desire for union representation. She is currently working with the NLRB to restore her position.