July 16, 2024

Markets:

S&P 500 futures edged higher on Tuesday after Bank of America’s stronger-than-expected earnings report excited investors about what the new reporting season would bring.

Bank of America rose more than 2% before the bell after earnings came in ahead of analyst forecasts. On the other hand, Morgan Stanley slipped more than 2% despite also beating expectations. They’re the latest household names to post quarterly financial results as the new reporting season kicks into gear.

Those moves follow a winning day on Wall Street that pushed the Dow to all-time highs. Investors bet that the unsuccessful assassination attempt on former President Donald Trump would be a tailwind for the Republican presidential candidate and his party in November’s election. A victory for the GOP at the polls could pave the way for favorable tax and fiscal policies for investors.

Investors will watch for June retail sales data expected Tuesday morning. Economists polled by Dow Jones are anticipating a decline of 0.4% from May, but an increase of 0.1% when excluding auto sales.

Data on import prices and the housing market is also on the docket.

Portfolio:

Decent start to the week and now we will be looking to add today.  We were worried about how yesterday would hold / swing and wanted to see a few sectors materialize a bit further.  We now proceed as queue continues to ignite.  It's also OPEX week so expect further swings.  No updates / changes needed in GBTC or NIO.  Be ready today and anticipate new trades.