The June jobs report out next week is expected to continue a trend of disappointing job growth. U.S. stock markets will close early on Tuesday and remain closed all day Wednesday for the July 4th holiday.

Economists are predicting 100,000 new jobs were created in June, better than the measly 69,000 created in May but well below the 200,000 range established earlier this year. The report from the U.S. Labor Department is due Friday. The unemployment rate is expected to remain unchanged at 8.2%.

Labor markets have weakened considerably as the weather has turned warmer and the poor numbers have impacted consumer sentiment and consumer spending.

Investors will also be closely watching a meeting of the European Central Bank on Thursday at which an interest rate cut is expected to provide an economic boost for the troubled eurozone. The European debt crisis has moved to the forefront of global economic concerns again as Spain has joined Greece on the verge of a financial meltdown.