1. U.S. Stock Markets Close for Independence Day Holiday:
U.S. stock markets are scheduled to close on Thursday in observance of the Independence Day holiday. The S&P 500 index and the Nasdaq index, filled with technology stocks, reached record high closing levels on Wednesday, supported by data in the U.S. labor market – a trend that could strengthen the case for the Federal Reserve to cut interest rates later this year. Inflationary pressures in the United States seem to be “diminishing,” but Federal Reserve policymakers want to see more evidence that they are sustainably easing before lowering interest rates.
2. Polling Stations Open in British Elections:
Investors will be looking for more political clarity as the United Kingdom heads to the polls in a general election. The opposition Labour Party is widely expected to achieve a significant victory, ending 14 years of Conservative Party rule.
3. Oil Decline:
Crude oil prices fell on Thursday, retreating from their highest levels in two months after weak U.S. economic data raised some concerns about long-term demand. The sell-off followed some weak labor market numbers and U.S. PMI indicators, which pointed to a potential slowdown in the world’s largest economy.
