US Futures Gain Ahead of NFP, Dollar Declines - Europe Market Wrap

- As the debt-ceiling agreement cleared the final Congressional obstacle, US futures rose, and traders are now anticipating Friday's US jobs report, which could provide insight into the Federal Reserve's future course of action.
- The S&P 500 and NASDAQ 100 contracts increased, indicating that US equities may add to Thursday's significant gains on Wall Street, with the tech-heavy Nasdaq expected to post a sixth consecutive weekly rise. The 10-Yr Treasury yield increased while the dollar fell.
- Following stronger Asian benchmarks, the STOXX Europe 600 index also rose, with luxury goods producers LVMH and Richemont among the top gainers following news that China is considering additional stimulus measures. As the price of crude oil and industrial metals increased, so did mining and energy firms.
- The majority of the stock market's growth is still being driven by IT giants, with Apple closing in on a record and Nvidia rising more than 5% on Thursday. Last week, the industry saw record inflows, said Bank of America. Megacaps rose 17% in May, primarily due to investors' infatuation with all things AI, but the sector also benefited from bets that the Fed will cease rising interest rates.
- Japan Govt's draft economic policy platform: The government will remove the deflationary mindset, and move toward ending deflation with bold monetary policy, flexible fiscal policy and growth strategy.