Is Super Cap Tech Momentum Fading?

What’s in Today’s Report:

• Is Super Cap Tech Momentum Fading?

Futures are modestly lower on momentum from yesterday’s declines combined with a further uptick in U.S./China geo-political tension.

Secretary of State Pompeo gave a  harsh speech on China Thursday, while China closed the U.S. consulate in  Chengdu, in a further escalation of tensions.

Positively, July EU flash composite PMIs handily beat expectations, surging to 54.8 vs. (E) 51.1, implying that a global economic recovery is ongoing.

Today the focus will be on the July Flash PMI (E: 50.3), and if we get a disappointing number (showing a lack of improvement from June) then we’ll see concerns grow that the U.S. recovery is “pausing” and that could weigh on stocks further.