July MMT Levels: S&P 500 Chart
What’s in Today’s Report:
- July MMT Levels: S&P 500 Chart
- NY Fed Inflation Expectations (slight hawkish surprise)
Markets are risk-off as equity futures track global shares lower amid a surge in oil prices and rising bond yields on the back of fresh U.S. military strikes against Iran while President Trump deemed the ceasefire a “waste of time.”
There were no market moving economic reports overnight which left market focus on the renewed geopolitical tensions in the Middle East.
Today, there is limited U.S. economic data with just the May Consumer Credit release (E: $17.5B) due out in the afternoon.
The Treasury will hold a 4-Month Bill auction at 11:30 a.m. ET and a 10-Yr Note auction at 1:00 p.m. ET and it will be important for demand to hold strong (like we saw yesterday with the 52-Week Bill auction) to help steady the bond market and ultimately set stocks up to rebound.
In addition to Consumer Credit, trader focus will be on the June FOMC Meeting Minutes due out at 2:00 p.m. ET as the market looks for potential clues as to when the Fed plans to raise rates this year.
Finally, there are a pair of earnings releases today with HELE (-$0.13) and LEVI ($0.24) reporting quarterly results, but with the Fed Minutes and geopolitical escalations, neither should materially move markets.
