U.S. stock futures suggest a weak opening on Tuesday, with attention centered on Federal Reserve Chair Jerome Powell's speech at a European Central Bank event. Investors are also eagerly awaiting the Jobs Opening and Labor Turnover Survey (JOLTS) for May, set for release at 10 AM ET.
Later in the week, eyes will be on the Labor Department's monthly jobs report, anticipated on Friday. It's expected to reveal a slowdown in job growth for June, potentially influencing future interest rate decisions.
In political news, the U.S. Supreme Court's ruling granting former President Donald Trump immunity from federal prosecution for his official actions has sparked speculation about a potential Trump comeback.
As of now, Dow futures have declined by 0.37%, S&P futures are down 0.45%, and Nasdaq futures have slipped about 0.55%.
With an early market close on Wednesday and a closure on Thursday for Independence Day, trading activity might be subdued, and trading volumes could remain light.
On Monday, the market saw gains, particularly in the tech sector. The Dow ended the session up by 50.66 points (0.13%) at 39,169.52. The S&P 500 increased by 14.61 points (0.27%) to 5,475.09, and the Nasdaq surged by 146.70 points (0.83%) to 17,879.30.
In overseas markets today, Asian stocks displayed a mixed performance as investors assessed the implications of the U.S. Supreme Court's immunity decision concerning former President Trump. Chinese and Hong Kong markets saw gains following data indicating a further slowdown in the downturn of China's residential real estate sector.
European stocks are experiencing significant declines, pressured by rising U.S. Treasury yields after the Supreme Court ruling on Trump's immunity. This landmark decision, amid election season, has stirred discussions about another potential Trump presidency, especially after incumbent President Joe Biden's lackluster debate performance last week.
In commodities, West Texas Intermediate Crude oil futures have risen by $0.67 or 0.8% to $84.05 per barrel. Gold futures have dipped by $4.40 or 0.17% to $2,334.50 per ounce.
In the currency market, the dollar index has edged up slightly to 105.98. The dollar is trading at 1.0720 against the Euro, a slight increase from Monday's close of 1.0741, and is also higher against the Japanese yen, trading at 161.661 yen per dollar.
