This market is vulnerable to a bigger pullback or correction if there’s a new negative…warns Sevens Report Research founder Tom Essaye in a research note to clients. Click here to read the full article.
Futures are modestly higher thanks to continued momentum from Tuesday’s…writes Tom Essaye, founder of Sevens Report Research. Click here to read the full article.
Companies like Chipotle and United Airlines said the increase in COVID cases was not…writes Tom Essaye, founder of Sevens Report Research. Click here to read the full article.
Tom Essaye, founder and president of Sevens Report Research, joins BNN Bloomberg with his market outlook. He says he’d buy… Click here to watch the full interview.
Futures are marginally higher following another night of…writes Tom Essaye, founder of Sevens Report Research. Click here to read the full article.
What’s in Today’s Report:
Futures are moderately higher thanks to solid economic data and better than expected earnings.
The EU flash PMI was stronger than expected at 60.6 vs. (E) 60.0, while good UK Retail Sales (0.5% vs. (E) 0.4%) helped offset the soft UK flash PMI (57.7 vs. (E) 61.9). But, on an absolute basis the numbers were good, and importantly the economic recovery is still on going and has good momentum.
Earnings were good in aggregate overnight with strong reports from TWTR and SNAP, among others.
Today the key number will be the July Flash Composite PMI (E: 63.4) and markets will want “Goldlocks” data. Specifically, that means strong activity that implies the rise in COVID cases isn’t hurting the recovery, while at the same time, activity that isn’t so strong it makes the Fed think about tapering sooner than expected, or more forcefully.
Earnings season also continues today, and four reports we’ll be watching include: NEE ($0.67), AXP ($1.64), SLB ($0.25), and HON ($1.94).
This market is vulnerable to a bigger pullback or correction if there’s a new… warns Sevens Report Research founder Tom Essaye. Click here to read the full article.
Tuesday, markets seemed to calm, with equity futures rising. Equity futures are…writes Tom Essaye, founder of Sevens Report Research. Click here to read the full article.
What’s in Today’s Report:
Futures are marginally higher following another night of generally solid earnings and ahead of the ECB decision.
Delta variant fears continued to recede as governments appear to be focusing on re-masking as a policy response, not economic restrictions.
Today focus will be on the ECB Rate Decision & Press Conference (7:45 & 8:30 a.m. ET) and economic data via Jobless Claims (E: 350k) and Existing Home Sales (E: 5.90M). Markets will want to see a dovish ECB and continued improvement in claims to reinforce that the global recovery is on going, and that central banks will remove accommodation very, very slowly.
On the earnings front, there are several more notable reports today: T ($0.78), AAL (-$1.70), FCX ($0.73), TWTR ($0.07), INTC ($1.06).
What’s in Today’s Report:
Futures are modestly higher thanks to continued momentum from Tuesday’s rebound combined with solid earnings reports.
Earnings overnight were good and importantly companies like CMG and UAL said the increase in COVID cases was not hurting business, which helped reassure markets that the Delta variant isn’t changing consumer’s behavior.
There were no economic reports overnight and there are no economic reports later today, so focus will remain on earnings and COVID trends. If earnings are solid and commentary remains upbeat, and we don’t get any negative COVID headlines, then the rebound can continue today.
Some earnings we’ll be watching today include (in order of importance): TXN ($1.82), JNJ ($2.28), KO ($0.57), VZ ($1.29), STX ($2.87), LVS (-$0.19), CSX ($0.37), DFS ($3.58).
