July 18, 2023

Markets:

Stock futures were little changed Tuesday as a busy day of earnings got under way and traders digested soft retail sales data.

Bank of America reported better-than-expected earnings for the second quarter, thanks to higher interest rates. Stock in the firm added roughly 1%. Bank of N.Y. Mellon’s earnings also exceeded expectations for the bottom line, while shares slipped 1%.

Data from the Commerce Department out Tuesday showed advance retail sales ticked up 0.2% month-over-month in June. Economists polled by Dow Jones forecasted a 0.5% increase.

Morgan Stanley beat on both revenue and adjusted earnings per share thanks to record revenue in its wealth management segment. PNC Financial, meanwhile, dropped 3% on the back of mixed second-quarter numbers. J.B. Hunt is slated to report after the bell.

The earnings season is off to a strong start, with roughly 82% of the S&P 500 companies that reported exceeding profit estimates, according to FactSet.

U.S. Treasury yields were lower on Tuesday as investors looked ahead to the latest economic data, which could provide clues about the state of the U.S. economy ahead of the Federal Reserve’s next policy meeting.

Portfolio:

We enter the new trading session holding setups in PATH, NIO, S, and EXEL. Queue is igniting, expect new opportunities to trigger today, especially with us going into NFLX and TSLA earnings tomorrow. This could trigger further sector movement that we like to follow. Love this time of year. Be ready and on high alert!