The July 4 holiday week is coming, so the stock market will trade for just four days. Markets are closed on Friday in observance of Saturday’s official holiday.

Even with the shortened week, investors will still be thinking about last week’s report from the International Monetary Fund.

The IMF cut its economic forecasts, warning that public finances will deteriorate even more as governments battle the fallout from the coronavirus pandemic.

Its latest projections suggest a contraction of 4.9% in global gross domestic product in 2020 — worse than the 3% contraction it predicted in April.

That is likely to weigh heavily on the minds of investors going into the shortened trading week.

The benchmark S&P 500 has risen over 34% from its March lows. But those gains have sputtered in June as investors weigh expectations of further stimulus and improving data against another surge of coronavirus cases in the U.S.

Investors Wait for Congress

Market participants are looking for clues on whether lawmakers are likely to push through more fiscal stimulus measures in the coming weeks.

The House of Representatives passed another $3 trillion aid bill in May, but the Republican-controlled Senate has not taken up the House package. Lawmakers are not expected to move toward another coronavirus bill until sometime in July.

One component of Congress’ fiscal aid, a $600-per-week supplement to unemployment insurance payments, is set to expire at the end of July.

Coronavirus and China

U.S. stocks tumbled earlier this week in response to a resurgence in the number of cases of COVID-19, the disease caused by the novel coronavirus.

Even with that recent pullback, stock valuations, as measured by forward price-to-earnings ratios, are near their highest level since the 2000 dot-com boom.

Other sources of worry include a potential flare-up in U.S.- China trade tensions and political uncertainty stemming from the Nov. 3 presidential election.

Some investors have already begun preparing for a potential market downturn by lightening their stock positions.

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Among the announcements this week will be acreage for U.S. cotton, soybeans and corn as well as quarterly reports for wheat, soybeans and corn.

Unemployment data is still scheduled to be released this week as well as the manufacturing purchase manager index — an indicator of the health of the manufacturing sector.

Stock Split Expiration

One other item of note: Israeli-based Nano Dimension Ltd. (Nasdaq: NNDM) is on the calendar to close out its 1-to-50 stock split on Monday.

The company is a provider of machines for the fabrication of subassemblies for autonomous products, like drones, cars, satellites and smartphones.

It recently engaged Needham & Co. to advise on potential acquisitions to expand its base.

Shares of Nano Dimension were trading at around $2 per share last week.

Earnings Calendar

The earnings calendar for next week is fairly light with the July 4 holiday weekend approaching.

Some of the key earnings announcements are:

Micron Technology Inc. (Nasdaq: MU) — Monday after the market closes.

Conagra Brands Inc. (NYSE: GAG) — Tuesday before the market opens.

FedEx Corp. (NYSE: FDX) — Tuesday after the market closes.

Constellation Brands Inc. (NYSE: STZ) — Wednesday before the market opens.

General Mills Inc. (NYSE: GIS) — Wednesday before the market opens.

Macy’s Inc. (NYSE: M) — Wednesday before the market opens.