Welcome to Seeking Alpha's Wall Street brunch, our Sunday look ahead to this week's market moving events,

along with the weekend's top news and analysis.

Hello, today is Sunday June 30th and I'm your host Kim Khan.

Independence Day will mean low volume in a largely quiet week for Wall Street,

but there will be some fireworks on Friday, as well as

Thursday for Fed nerds like me. Well, well, I'm not watching fellow Colonials, New Zealand take

on England and cricket with a great commentary of Frankie McKai.

The stock and bond markets will close early on Wednesday, July 3rd, and be closed July 4th, but Friday,

July 5th brings the June employment report.

The consensus is for payroll growth to

drop to 200,000 in June, down from 270,000 in May, with the unemployment rate

sticking at 4%. Average hourly earnings growth is expected to taper to up 0.3 percent on the month.

Because of the holiday, we get jolts in ADP a little earlier on Tuesday and Wednesday.

Bank of America says the U.S. labor market is gently cooling as Americans continue to see

jobs as broadly easy to get, while the recent spike in young adult unemployment has shown signs of

subsiding. Seth Carpenter, global economist at Morgan Stanley,

says one unusual aspect of this cycle

is the fact that we have witnessed a downward trend in non-farm payrolls

lasting over two years. He added, I often hear clients fret that

when the labor market softens it will slump, but so far that has not been the case. We've

had two years of slowing but not slump. The surge in labor supply from immigration has afforded even a bit more slack.

We think the job creation is likely to slow but stay positive.

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