Markets see the Iran-Israel ceasefire as holding, which means the focus returns to the US macro picture. Given the decline in bond yields Tuesday, takeaways from Federal Reserve Chair Jerome Powell's first day of testimony were viewed as leaving the door open for rate cuts later in the year, and investors will watch for more of that when Powell begins round two on the Senate side at 10 am ET today. Only major US economic report today is new home sales at 10 am ET. Expectations look for a decline to 694K in May from 743K in April.

Oil prices have corrected higher marginally after plunging over the last two days on easing Mideast risk.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.