Monday's Market Minute: This Week It's All About Earnings

We have everything from big banks to big tech reporting this week as earnings get into full swing. With the inflation data behind us, we enter into the Fed blackout period ahead of the FOMC meeting next week. The focus is going to be on earnings and economic data. Keep an eye on results from Bank of America BAC, Morgan Stanley MS, Goldman Sachs GS, J.B. Hunt JBHT, Tesla TSLA, Netflix NFLX, Alcoa AA, Discover Financial DFS, American Express AXP, and Johnson & Johnson JNJ this week.

As far as data due out here in the U.S. ahead of the Fed decision July 27, we begin the week with the NY Manufacturing data; tomorrow we have Retail Sales, Industrial Production, Business Inventories, and the Housing Market Index. Wednesday, we’ll see Housing Starts and Building Permits; Thursday, weekly Jobless claims, the Philly Fed, Existing Home Sales, and Leading Indicators. 

Lastly, keep an eye on crude oil, which continues to move higher, as the WTI last week traded to $77 with the U.S. dollar on the decline. The greenback hit levels not seen since April of last year with the British pound, the euro, and the yen on the move higher. Also, grain prices are spiking on news that Russia will not further extend an export deal – keep in mind that higher commodity prices feed into inflation pressures the Fed has been working to combat.

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