The opinions expressed below are my own and do not necessarily represent those of Visdom Investment Group, LLC.
Waiting around.
Despite the announcement of an EU trade deal with 15% tariffs, US equity markets couldn’t keep last week’s party going. The S&P 500 futures climbed overnight but peaked at 2 AM ET, up about 32 points from Friday. Throughout the premarket, the futures faded and the index opened about +10 when regular trading began. The day was quiet and the tape leaked value slowly, going negative in the afternoon. Yields climbed small today but don’t seem to have been a front-and-center issue for stocks. Capital flow was light at 93%.
Maybe today is the calm before the storm? We already know that Wednesday brings the ADP data, the FOMC decision, and the earnings reports for Microsoft and Meta. We also have Apple and Amazon announcing on Thursday. And finally we have nonfarm payrolls on Friday.
But also, Friday is August 1st…which is a big deadline for Trump tariff countries. Who knows what it means for the countries that don’t have a deal by then but Trump is going to say or do *something* material. And if that weren’t enough, 161 S&P 500 companies announce this week.
There’s a lot going on this week, just not today. Perhaps markets are saving themselves for when the action starts.
10 companies announce after today’s close. 19 announce tomorrow morning, before the open. That makes Tuesday interesting but still just an appetizer for what’s to come.
See you tomorrow.
-Mike
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