Market Insights

Report Notes:

• GDP may have been soft in Q1, but today’s report shows a big second quarter. Consumer spending drove GDP higher in the second quarter, to a 4.1 percent annualized.
• At 10 a.m. ET, the University of Michigan will issue its final July consumer sentiment index, expected to rise to 97.3 from the mid-month reading of 97.1
• At 1pm ET, look for the Baker Hughes North American rig count which tracks weekly changes in the number of active operating oil & gas rigs.

Overnight Trading Notes:

• MSCI Asia Pacific Index rose 0.4 percent
• Japan’s Topix index closed 0.6 percent higher as easing global trade tensions continued to lift sentiment.
• In Europe, the Stoxx 600 Index was up 0.3 percent at 5:45 a.m. as positive results from BT Group Plc helped the telecom sector.
• S&P 500 futures were pointing to a gain at the open.

Earnings Notes:

• Twitter, Exxon Mobil, Merck and Chevron (CVX) are this morning’s earnings notable announcements.
• L’Oréal, Danone, Yahoo Japan, Weyerhaeuser, Colgate-Palmolive, Goodyear Tire, Moody’s, Phillips 66, and Synchrony Financial also scheduled to report.
• There are no earnings scheduled after today’s closing bell