The U.S. labor market remains a focal point as May job openings reached a two-year high, defying earlier analyst predictions that the JOLTS data would cool. This upward trend puts added pressure on markets ahead of the June payrolls report, which arrives a day early this Thursday due to the Independence Day holiday. Meanwhile, Federal Reserve Chair Kevin Warsh is scheduled to speak at the European Central Bank’s annual forum in Sintra, Portugal, providing a key opportunity for markets to gauge the central bank's stance on current volatility.
In Asia, South Korea’s economy has reached a significant milestone, with exports rising 70.9% in June to $102.25 billion. This performance, driven by a 199.5% increase in semiconductor shipments, positions the country as the fourth globally to surpass the $100 billion monthly export threshold. Conversely, the Japanese yen has weakened to 40-year lows beyond 162 per dollar, yet authorities have remained sidelined without intervention. Wall Street’s gaze is now shifting toward second-quarter earnings, where profit growth expectations hover around 22%, though analysts note that Nvidia and Micron alone are projected to drive 40% of those gains.
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