Pre-Market Report – Thursday 4 July: ASX to jump. SPI Futures up 73 points (+0.94%).

US equities closed broadly higher in a shortened trading session ahead of the US holiday. Weak economic data reinforced bets that the Fed will start cutting rates this year sending bond yields lower and stocks higher. The S&P 500 and NASDAQ posted record-high closes for a second consecutive session, up 0.51% and 0.88%, respectively. The Dow Jones ended little changed, off 0.06%, pressured by selling in healthcare and consumer stocks. US markets closed tomorrow, keeping trading volumes thin this week. Junes FOMC meeting minutes revealed that Fed officials were divided, with some advocating patience and others emphasising the need for a weaker labour market to manage unemployment. Powell stressed the need for more definitive evidence before lowering rates, while others were open to raising rates if inflation persisted.

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