The S&P 500 closed at an all-time high of 6,502 on Thursday, extending a rally driven by optimism over potential Federal Reserve policy easing.
Oil prices retreated ahead of a meeting of eight OPEC+ members scheduled for Sunday. Brent crude dropped 1% to $66.95 a barrel, as traders weighed the group’s next steps on supply management.
In Europe, momentum gathered behind the long-debated EU-Mercosur trade agreement, which has now been submitted for approval by individual member states. The deal is seen as strategically important for both blocs, easing trade flows and strengthening geopolitical ties, while resistance from some European governments has softened in recent weeks.
Attention now turns to Friday’s U.S. nonfarm payrolls report, with economists forecasting 75,000 job gains in August. The unemployment rate is expected to edge higher, rising from 4.2% to 4.3%. The data will be pivotal for shaping expectations on the Fed’s next policy move, with markets closely watching for signs of cooling in the labor market.
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