July 15, 2022

Markets:

U.S. stock futures rose Friday as traders awaited the release of more corporate earnings and key economic data.

Wells Fargo shares slipped more than 1% in the premarket on the back of earnings results. The bank said quarterly profits declined 48% as it set aside funds for bad loans. Citigroup is also slated to report later in the morning.

A day earlier, investors combed through troubling reports from JPMorgan Chase and Morgan Stanley, which kicked off major bank earnings, and also weighed the likelihood of larger interest rate hikes from the Federal Reserve and looming recession concerns.

On the economic front, the latest report on June retail sales, as well as import and export prices, are due out Friday at 8:30 a.m. ET. Preliminary July data for consumer sentiment is out at 10 a.m. ET.

Wall Street is coming off a mixed session, with the Dow dropping nearly 0.5% on Tuesday. The S&P 500 dipped 0.3%, and the Nasdaq Composite inched 0.03% higher.

Portfolio:

We enter the new trading session holding positions in SQ, WEBR, LCID, PLTR, and holding itrm.  We noted the chip sector in premarket yesterday and it led us.  We love seeing this type of activity.  The next few weeks should be exciting to trade with opportunities. The queue continues to ignite. Be ready and let’s have a great session.