Tonight's non-farm payrolls report is a minor positive. Employment came in below expectations, so the market will first trade on rate cut expectations, which is good for risk assets. But the unemployment rate dropped, meaning employment hasn't collapsed, so it's not a game-changer. Key dates to watch next: July 8 - FOMC meeting minutes July 14 - U.S. CPI (inflation) July 15 - U.S. PPI (producer inflation) July 28-29 - Fed interest rate decision If inflation keeps dropping and the Fed doesn't turn hawkish, there might be a small rebound. But the overall trend is still downward—get ready for 49,000–55,000!