U.S. stock index futures are mixed this morning, as oil pulled back slightly and the dollar weakened just a smidge.
Chinese stocks increased for a second day in a row, with the Shanghai Composite Index closing the day up 3.5%, offering some hope that China's measures to avoid a total stock market collapse has taken root and alleviating pressures on the Chinese consumer and their disposable income.
The world waits for German lawmakers to agree to negotiate on the next steps of a potential bailout package for Greece. Yesterday, EU finance ministers agreed to provide Greece with a 7 billion euro ($7.6 billion) bridge financing so that the country could meet its next debt payments due on Monday. Greek banks are expected to open for business on Monday, though capital controls will continue to be deployed.
Some earnings calls of note today include: SunTrust Banks (STI), General Electric (GE), Comerica (CMA), Honeywell (HON), JB Hunt (JBHT), Kansas City Southern (KSU), Knoll (KNL), and Progressive (PGR).
On today's economic calendar we are set to get the June Housing Starts number at 8:30 a.m. with consensus at 1.106 million and the June CPI, with estimates at 0.3%. At 10 a.m. the preliminary July University of Michigan Sentiment report is released with consensus at 96, and finally, at 1p.m. we'll see the Baker Hughes rig count.
Happy trading!
Bryan Ashenberg is the portfolio manager for Growth Seeker and the fundamental analyst for Trifecta Stocks. Test drive with a free trial.
