The rally in global stocks halted on Tuesday due to relatively low trading volume, and the US stock market is closed for the holiday. The European benchmark index, Stoxx 600, rose due to the low trading volume, which was a quarter below the 30-day average. In Asia, the Japanese Nikkei 225 fell, while the Pakistani rupee strengthened against the dollar amid optimism that International Monetary Fund assistance will boost the country's asset demand.

Today, trading in US Treasury bonds is also closed.

Meanwhile, markets are closed on a holiday, and it is the perfect time to pay attention to fresh notes from major players. For example, according to forecasts from Citigroup Inc., investors have made optimistic bets on the future stock market and closed June on a high note, anticipating an excellent earnings season - especially inspired by strong US GDP data for the first quarter of this year. However, this has led to significant overbought conditions and increased the risk of a pullback. According to economists at the bank, investors may take steps to protect their assets as early as next week, considering how far the market has come.

In addition, there are some signs of cooling in the US economy and the persistent hawkish rhetoric of the central bank. Surely, after the start of the earnings season, investors will temper their expectations for the stock market. This week, the minutes of the Federal Reserve's June meeting will be released, and traders will closely monitor Friday's non-farm employment report, which will shed light on many questions regarding the future trajectory of monetary policy.

The focus will also be on the earnings season, which will begin next week. Ahead of a rise in profit warnings, investors will be looking for signs of company resilience. Many economists remain cautious about further rallies amid an overall subdued economic situation.

The only significant news today was that the Reserve Bank of Australia left its key rate unchanged at 4.10% in a decision that divided economists and traders alike on whether to raise or suspend it. Yields on policy-sensitive three-year government bonds fell, while Australian stocks rose.

Shares of Chinese base metal companies rose after the government imposed export restrictions on gallium and germanium as a trade war over technology with the US and Europe escalated. Metals are critical to the semiconductor, telecommunications, and electric vehicle sectors.As for the S&P 500 index, demand for the index remains. Bulls have a chance to continue the uptrend, but they need to defend $4,447, a test of which is unlikely to happen today. A break above this level could lead to a surge toward $4,469. Another important task for the bulls would be to maintain control over $4,488, which would strengthen the bullish market. In case of a downward movement due to a decrease in risk appetite, bulls should protect $4,447. Breaking through this level, the trading instrument may return to $4,427 and $4,405.