July 8, 2024

Markets:

Stock futures were flat Monday as investors await key inflation data for further clues on the longevity of this year’s market rally. Earnings from some major financial giants and consumer companies are also on the docket.

The June consumer price index, which will be released Thursday, could bolster those hopes if the headline number shows a slight improvement, as currently expected. Producer price index data will be released Friday.

Last week, labor data reflected a slightly cooling labor market, spurring expectations of a rate cut. But although the U.S. economy added more jobs in June than anticipated, there was also an unexpected rise in the unemployment rate, to 4.1% from 4%. Traders are currently expecting two interest rate cuts in 2024, with the first in September, according to the CME FedWatch Tool.

A slew of major banks, including Citigroup and JPMorgan Chase, will kick off second-quarter earnings season this week. PepsiCo and Delta Air Lines are also set to post results.

European stocks ticked higher in morning trade on Monday, as markets reacted to an expected hung parliament in France after a surprise win for a left-wing coalition of parties.

Portfolio:

We enter the new trading week holding set-ups in SPCE, NIO, CORZ, ENVX, NVDA, and GBTC.  We will be looking to add new trade opportunities all week and set us up for the weeks to come.  Earnings season is set to begin, one of our favorite events to trade off of.  The next several weeks, outside of the events / patterns we continue to talk about, should be outstanding due to the price action that will be created from specific earning events to come.  I truly feel sorry for folks missing this that continue to deny this market and whats developing.  Be ready and let's have another monster week!