Earnings > Politics
And that’s a good thing.
So much for summer doldrums.Anomalies abound this July: a six-sigma price-action event, an assassination attempt on one presidential candidate, the biggest IT outage ever, and the withdrawal of the incumbent from his reelection campaign.
All that’s in the last two weeks, during which time the S&P 500 lost 1.23 and the tech-heavy Nasdaq Composite shed 3.43 percent but the Russell 2000 gained 8.23 percent.
That includes Monday’s gains of 1.08 percent, 1.58 percent, and 1.66 percent, respectively, as Big Tech got some juice and small-caps continue to benefit from expanding breadth.
And now investors, traders, and speculators are figuring out how to price in Kamala Harris, including her prospects for victory in November and her policy priorities.
Mish Schneider takes a closer and actionable look at recent price action through the lens of her Economic Modern Family – with an emphasis on the iShares 20+ Year Treasury Bond ETF $TLT – in her Weekly Market Outlook.
Mish also previews Tesla $TSLA ahead of its after-the-bell earnings report today, identifying key levels and catalysts for Elon Musk’s stock.
Google parent Alphabet $GOOGL also reports after the bell.
As for incoming data, at 10:00 a.m. ET we’ll get existing home sales figures for June from the National Association of Realtors.
On Wednesday – same time but from the US Census Bureau – we’ll get new home sales figures for June.
Thursday includes second-quarter GDP as well as jobless claims plus durable goods, trade balance, and retail and wholesale inventory data.
And on Friday it’s the Personal Consumption Expenditure Price Index data for July.
The core PCE figure could seal the deal on a rate cut. But it might not: There are a lot of signs the economy is re-heating.
That includes the recent move in the Russell 2000.