Stablecoin Primer: Why Last Week’s Legislation Was Important

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What’s in Today’s Report:

  • Stablecoin Primer:  Why Last Week’s Legislation Was Important

Futures are little changed following a night of mixed earnings followed by more mixed economic data.

The EU July flash PMI slightly beat estimates (51.0 vs. (E) 50.9) while the UK reading missed (51.0 vs. (E) 51.7) but both numbers were above 50 and signaling expansion.

On earnings, GOOGL posted solid numbers (up 3% pre-market) while TSLA underwhelmed (down 6% pre-market).

Today focus will turn towards economic data and there are two notable reports to watch: Jobless Claims (E: 225K) and the Flash Manufacturing PMI (E: 52.7).  If both reports are solid, look for the rally to continue driven by cyclical sectors, as investors embrace a potentially re-accelerating economy.  We also get New Home Sales (E: 650K), although that shouldn’t move markets.

On earnings, the season remains “fine” so far.  Key reports we’re watching today include: INTC ($0.14), AAL ($0.79) and BX ($1.10).

 

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