06:36 AM EDT, 07/01/2024 (MT Newswires) -- US equity investors will this holiday-shortened week look out for Federal Reserve Chair Jerome Powell's speech ahead of nonfarm payrolls and minutes to the June rate-setting meeting as chipmakers, including Nvidia ( NVDA ) , weigh on technology.

* The equity and bond markets will close early at 1 pm ET on Tuesday and be closed on Wednesday to observe the US Independence Day.

* The nonfarm payrolls report on Friday may be the last before the Fed's July 31 decision, but it's one of three before the Sept. 18 decision, a note from Scotiabank said while noting the first cut will be in September. "That makes this Friday's set of numbers for June a mere placeholder along the path toward a lot more summertime data even though any surprises are sure to elicit a market response."

* The current probability of an interest-rate cut in September at 56% compares with the 37% likelihood of no-change, according to the FedWatch Tool Monday. The possibility of a cut in July is 11%.

* Alongside nonfarm payrolls, watch wage growth that has been volatile but posted seasonally-adjusted gains of 0.4% to 0.5% month-over-month in three of the first five months this year, as per the Scotiabank note.

* The US 10-year Treasury yield jumped 6.9 basis points to 4.41% early Monday, following gains last week. The current level is the highest in almost three weeks.

* On tap this week will be Challenger job cuts and ADP payrolls for June, minutes to the June 11 to 12 Federal Open Market Committee meeting, and ISM services on Wednesday. JOLTS job openings in May and Fed Chair Jerome Powell's speech are due Tuesday, while ISM manufacturing data will be released Monday.

* Nvidia ( NVDA ), Qualcomm ( QCOM ) , and Broadcom ( AVGO ) were the worst-performing mega-cap stocks in the technology sector last week, chipping away at the crucial support from the so-called artificial intelligence trade.

* This week's Quarterly earnings include Woodside Energy Group ( WDS ) and Constellation Brands ( STZ ) .