What’s in Today’s Report:
- FOMC Preview
- Composite Flash PMI Takeaways – Service Sector Growth Falters
- 10-Yr Note Yield Maintains Long-Term Uptrend (For Now) – Chart
Futures are little changed as mostly upbeat earnings in Europe were offset by a weaker than expected ECB Survey while focus turns to big cap tech earnings and this week’s central bank meetings.
The ECB’s latest Lending Survey revealed that corporate loan demand collapsed to the lowest on record in Q2 underscoring tighter credit conditions and the threat of a further slowdown in growth in the Eurozone.
Today, focus will be on economic data early with the Case-Shiller Home Price Index (E: 0.8%) and Consumer Confidence (E: 111.8) reports both due to be released while the July FOMC meeting gets underway.
There is a 5-Yr Treasury Note auction at 1:00 p.m. ET which could move yields and have an impact on stocks, but a material move in markets ahead of the Fed decision remains unlikely unless it is driven by earnings.
Speaking of which, today will be a busy one for corporate earnings as: VZ ($1.17), GM ($1.65), GE ($0.46), MMM ($1.65) are all scheduled to release results before the bell while tech giants MSFT ($2.54) and GOOGL ($1.32) report after the bell. Additionally, V ($2.11) will release results after the close.