August 2, 2022

Markets:

Stock futures fell Tuesday morning as tensions between the U.S. and China increased ahead of an expected visit to Taiwan by House Speaker Nancy Pelosi.

Pelosi was expected to visit Taiwan and spend Tuesday night there, Reuters reported, citing sources. Leading up to the trip, Chinese officials threatened to take action if Pelosi moved forward with the visit. Pelosi would become the first House Speaker since Newt Gingrich in 1997 to visit Taiwan.

Traders are also awaiting another raft of earnings from companies such as Starbucks, PayPal and Advanced Micro Devices.

On the economic data front, investors this week are awaiting the July nonfarm payrolls report slated for release Friday for further clues into the state of the economy and the job market.

Portfolio:

We enter the new trading day holding setups in PLTR, MRO, SNAP, and holding itrm. Pelosi really rattled the markets yesterday mid-day when confirming she will be traveling to Taiwan. Now we all wait for reactions. However, we receive key data today as well as monster earnings from Paypal and AMD. These will be key drivers in growth and semi spaces for days to come. Let's be patient here. Allow price to materialize and news to continue to develop. We are positioned well. Let's have a great session.