The calm before the earnings season storm.
First, the scoreboard:
- Dow: 15,228.8 +93.0, +0.6%
- S&P 500: 1,639.8, +7.8, +0.4%
- NASDAQ: 3,482.3, +3.0, +0.0%
And now, the top stories:
- Q2 earnings season unofficially kicks off when aluminium giant Alcoa announces its financial results after the closing bell today.
- “[S]econd quarter earnings season is just around the corner and we think it will be more critical than normal,” wrote Parker in his note to clients. “Why? Because unlike earlier this year, we now think “good is good and bad is bad,” meaning the fundamentals will be in focus.”
- According to the Federal Reserve, consumer credit outstanding jumped by $19.6 billion to $2.838 trillion in May. This was much higher than the $12.5 billion increase forecasted by economists. Revolving credit (e.g. credit card balances) jumped by $6.6 billion to $856.5 billion.
- “As households have made significant progress in repairing their balance sheets, consumers have been more willing and able to take on additional credit,” said Wells Fargo’s John Silvia.
- Overall, it was a pretty quiet day in the markets.
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