Passing the Tax Bill and Non-Farm Payroll Data in the Spotlight

The focus was entirely on the progress of a controversial tax bill through Congress, which Trump said the House would vote on later today. However, reports indicated that the bill is still under consideration for discussion in the House.

A voting test showed opposition from at least five Republicans to the bill, which could disrupt its passage.

Concerns about the bill are mainly related to its potential impact on government debt and financial health, as many critics of the bill have stated that it will increase risks to the U.S. economy.

A series of key U.S. labor market readings are also scheduled to be released later on Thursday, primarily focusing on the non-farm payroll data for June. This data comes amid increasing speculation about interest rate cuts by the Federal Reserve, as any significant slowdown in the labor market is likely to lead to further easing.

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