Ranking the Market’s Five Biggest Problems
What’s in Today’s Report:
- Ranking the Market’s Five Biggest “Problems”
- Weekly Market Preview: Fed in Focus as Mega-Cap Earnings Continue
- Weekly Economic Cheat Sheet: Durable Goods to Shed Light on Business Spending
U.S. futures are tracking global equities higher as part of a broad “risk-on/war-off” move with oil down ~7%, and bond yields lower by 3-5 bp across the curve after the U.S. and Iran halted military strikes amid fresh prospects for a new ceasefire deal.
Economically, the July German Ifo Survey was net positive as Current Conditions came in solid at 86.5 vs. (E) 84.4 which added to the positive sentiment to start the week.
Today we will get one of the more important economic data points of the week via the release of June Durable Goods Orders report (E: 1.6%). Investors will be looking for a healthy, but not “too-hot” release as too strong of a print could put renewed upward pressure on yields.
There are no Fed speakers today with the July FOMC meeting getting underway tomorrow, however, there is a 5-Yr Treasury Note auction at 1:00 p.m. ET which could move the bond market and impact equities.
Finally, Q2 earnings season remains in full swing with quarterly results due out from AZN ($2.50), BKR ($0.51), APLD ($-0.20), NVTS ($-0.04), NUE ($4.57), and UHS ($5.66) before the bulk of the remaining Mag-7 earnings reports are due out later this week.
Appearing Today on Barron’s Live at Noon ET.
I’m honored to be appearing on Barron’s Live today at noon ET with Barron’s Editor-in-Chief Ben Levisohn and Senior Managing Editor Lauren Rublin.
We’ll be discussing AI, the Iran war, oil prices, rising bond yields, and other market matters!
Click this link to register and listen live!