Global markets seem to have hit a plateau after recent rallies, with Wall Street closing lower for the second day. European markets are set for a flat open, while Asian stocks mostly held steady. Fed officials remain cautious on rate cuts, with futures implying a 92% chance of a rate cut in October.

The dollar strengthened against major currencies, leaving yen bulls reeling. Treasury Secretary Scott Bessent will start interviewing candidates to replace Jerome Powell as Fed Chair. Weekly U.S. jobless claims and second quarter GDP estimates will provide insight into the economy ahead of the PCE release on Friday.

Key events for Thursday include U.S. data releases on trade, weekly jobless claims, and durable goods. Six Federal Reserve officials are scheduled to speak, shedding light on the central bank’s outlook. Markets await further developments to guide their next moves.

Read more at Yahoo Finance: Morning Bid: Stocks take a breather