The last day of trading before tomorrow’s kickoff to US earnings season finds US index futures mixed between a gain of 0.4% for NASDAQ futures and a loss of 0.4% for Dow futures as investors digest Friday’s gains of 1.0% to 1.3% for the 3 main US indices and a 2.1% rally for the small cap Russell 2000 Index. Commodities are down this morning with WTI and copper both falling about 1.4%.
US earnings reports get underway this week with a focus on the banking sector. Tuesday brings results from JPMorgan Chase, Goldman Sachs and Pepsico, followed by Citigroup, Bank of America, Wells Fargo, Blackrock and Delta Air Lines on Wednesday. In addition to the headline numbers, investors may look to the banks for comments on the pace of the US economic recovery, loan loss provisions, and the restoration of dividends and share buybacks (for any banks that didn’t do so already after passing Fed stress tests in late June).
A big week for Chinese economic data starts tonight with monthly trade numbers, followed by Q2 GDP, industrial production and retail sales late Wednesday night.
July central bank meetings have historically been dull affairs coming in the middle of summer vacation season, but investors may look to statements from the Reserve Bank of New Zealand Tuesday, the Bank of Canada Wednesday or the Bank of Japan late Thursday night for insights into how their economies have fared through recent/ongoing lockdowns.
SIA Wealth Market Outlook Webinar Tuesday July 13, 2:00 pm EDT
Please join us on Tuesday July 13 @ 12pm MT / 2pm ET for our Market Outlook Webinar with Jeremy Fehr. He will answer the most asked questions we have received from advisors over the past month.
Register for webinar: https://attendee.gotowebinar.com/register/2886200842082435855
