After Hours Report

Today's trade was mixed as market participants reacted to a heavy batch of earnings, the latest policy move by the FOMC, and Fed Chair Powell's subsequent commentary. 

The FOMC voted unanimously to raise the target range for the fed funds rate by 25 basis points to 5.25-5.50%, as expected. The policy directive also upgraded the description of economic activity to expanding at a moderate pace from continuing to expand at a modest pace in the June directive. 

The market reaction was relatively muted as investors looked ahead to Fed Chair Powell's press conference, which induced some whipsaw price action for the major indices.

Mr. Powell acknowledged that inflation has moderated somewhat since the middle of last year. Nonetheless, the process of getting inflation back down to two percent has a long way to go. The Fed currently doesn't see inflation getting down to two percent until 2025 or so. The Fed will continue to make its decisions meeting by meeting. The idea, though, that the Fed would keep hiking until inflation gets to two percent would be a prescription of going way past the target and that's clearly not the appropriate way to think about it.

By and large, the Fed Chair was non-committal about the next move. Ultimately, the major indices closed near where they were trading before the policy directive was released at 2:00 p.m. ET.

Expectations for a second rate hike at any of the meetings before the end of the year were largely unchanged. According to the CME FedWatch Tool, probability of a second rate hike at any of the remaining FOMC meetings this year remains under 40%.

On the earnings front, Microsoft (MSFT 337.77, -13.21, -3.8%) and Alphabet (GOOG 129.66, +6.87, +5.6%) were among the more influential movers, garnering mixed reactions from investors, along with Visa (V 237.10, -1.59, -0.7%), Boeing (BA 232.80, +18.68, +8.7%), Coca-Cola (KO 63.05, +0.80, +1.3%), and AT&T (T 14.89, +0.09, +0.6%).

Microsoft reported better-than-expected earnings and revenue, but logged a decent decline due to some profit-taking activity after guiding fiscal Q1 revenues slightly below the consensus estimate. Alphabet and Boeing, meanwhile, offered some offsetting support.

The broader market held up fairly well today as evidenced by the 0.2% gain in the Invesco S&P 500 Equal Weight ETF (RSP) while the market-cap weighted S&P 500 closed flat. 

Regional bank stocks were a pocket of strength after the news that PacWest Bancorp (PACW 9.76, +2.07, +26.9%) and Banc of California (BANC 14.71, +0.09, +0.6%) are merging in an all-stock transaction. The SPDR S&P Regional Banking ETF (KRE) rose 4.7%.

Strength from its regional bank components helped the Russell 2000 to outperform its peers, gaining 0.7%. 

The S&P 500 communication services sector (+2.7%) was the top performer by a wide margin, thanks to Alphabet, while the information technology sector (-1.3%) finished in last place, weighed down by Microsoft.

• Nasdaq Composite: +35.0% YTD
• S&P 500: +18.9% YTD
• Russell 2000: +12.4% YTD
• S&P Midcap 400: +12.2% YTD
• Dow Jones Industrial Average: +7.2% YTD

Reviewing today's economic data:

• The weekly MBA Mortgage Applications Index fell 1.8% with purchase applications dropping 3.0% and refinance applications remaining flat from last week. 
• New home sales decreased 2.5% month-over-month in June to a seasonally adjusted annual rate of 697,000 units (Briefing.com consensus 722,000) from a downwardly revised 715,000 (from 763,000) in May. On a year-over-year basis, new home sales were up 23.8%.
  • The key takeaway from the report is that new home sales activity, which is measured on signed contracts, was crimped in June by rising mortgage rates that created added affordability pressures.
• The weekly EIA crude oil inventories showed a draw of 600,000 barrels after last week's draw of 708,000 barrels.

Looking ahead to Thursday, market participants will receive the following economic data:

• 8:30 ET: Advance Q2 GDP (Briefing.com consensus 1.6%; prior 2.0%), advance Q2 GDP Deflator (Briefing.com consensus 3.0%; prior 4.1%), Weekly Initial Claims (Briefing.com consensus 233,000; prior 228,000), Continuing Claims (prior 1.754 mln), June Durable Orders (Briefing.com consensus 1.0%; prior 1.7%), Durable Orders ex-transportation (Briefing.com consensus 0.2%; prior 0.6%), June advance goods trade deficit (-$91.1 bln), June advance Retail Inventories (prior 0.8%), and June advance Wholesale Inventories (prior -0.1%)
• 10:00 ET: June Pending Home Sales (Briefing.com consensus 0.3%; prior -2.7%)
• 10:30 ET: Weekly natural gas inventories (prior +41 bcf)

Overseas:

• Europe: DAX -0.5%, FTSE -0.2%, CAC -1.4%
• Asia: Nikkei +0.0%, Hang Seng -0.4%, Shanghai -0.3%

Commodities:

• Crude Oil -0.86 @ 78.79
• Nat Gas -0.05 @ 2.69
• Gold +6.30 @ 1970.70
• Silver +0.14 @ 24.97
• Copper -0.02 @ 3.90

After-Hours Spotlight:

• Align Tech (ALGN) beats by $0.19, beats on revs; guides Q3 revs in-line; guides FY23 revs above consensus... ALGN up 12.4%
• Chipotle Mexican Grill (CMG) beats by $0.34, reports slight miss on revs; Q2 comps +7.4% in-line with prior guidance... CMG down 8.5%
• eBay (EBAY) beats by $0.04, beats on revs; guides Q3 EPS below consensus, revs in-line... EBAY down 4.9%
• Edwards Lifesciences (EW) beats by $0.01, beats on revs; guides Q3 EPS below consensus, revs in-line; raises FY23 guidance... EW down 6.1%
• Lam Research (LRCX) beats by $0.91, beats on revs; guides Q1 EPS in-line, revs in-line... LRCX up 2.0%
• Mattel (MAT) beats by $0.13, beats on revs; reaffirms FY23 EPS guidance, revs guidance... MAT down 2.1%
• Meta Platforms (META) beats by $0.07, beats on revs; guides Q3 revs above consensus, increases FY23 expense guidance, but lowers capex guidance... META up 6.7%
• National Vision (EYE) announces its partnership with Walmart Inc. (WMT) will be ending in 2024... EYE down 11.1%
• O'Reilly Auto (ORLY) beats by $0.14, beats on revs; raises FY23 EPS, revs outlook; promotes Brad Beckham to CEO, effective upon Greg Johnson retirement in January 31,2024... ORLY down 2.5%
• Seagate Tech (STX) beats by $0.09, misses on revs; guides Q1 EPS, revs below consensus; pauses buybacks for remainder of the fiscal year... STX down 2.0%
• ServiceNow (NOW) beats by $0.32, reports revs in-line... NOW down 3.7%
• United Rentals (URI) beats by $0.87, beats on revs; guides FY23 revs in-line... URI down 3.6%
• Western Union (WU) beats by $0.12, beats on revs; guides FY23 EPS above consensus, revs below consensus... WU up 3.0%

Fair Value for Thursday, July 27:

• S&P 500: 4,594
• Nasdaq 100: 15,604
• DJIA: 35,672

For a full rundown of today's market and after hours developments, see Live In Play

• Earnings/Guidance (Full Earnings Calendar):
  • Affiliated Managers (AMG) beats by $0.21, misses on revs
  • Airbus (EADSY) reports 1H results and reaffirms full year guidance
  • Alkermes (ALKS) beats by $0.15, beats on revs; reaffirms FY23 EPS guidance, revs guidance
  • Allegion (ALLE) beats by $0.04, misses on revs; guides FY23 EPS above consensus, revs below consensus
  • Alphabet (GOOG) beats by $0.10, beats on revs, Google Advertising revenue up 3.2%; CFO Ruth Porat will assume newly created role of President and Chief Investment Officer, will continue to serve as CFO
  • American Assets Trust (AAT) beats by $0.06, beats on revs; raises FY23 FFO guidance
  • Amphenol (APH) beats by $0.04, beats on revs; guides Q3 EPS in-line, revs in-line
  • Ashland (ASH) reports Q3 (Jun) results, misses on revs; guides FY23 revs below consensus
  • AT&T (T) beats by $0.03, reports revs in-line
  • AtriCure (ATRC) beats by $0.18, beats on revs; guides FY23 EPS above consensus, revs above consensus
  • Automatic Data (ADP) beats by $0.06, beats on revs; guides FY24 EPS above consensus, revs above consensus
  • Banc of California (BANC) reports EPS in-line; announces merger with PacWest
  • Boeing (BA) beats by $0.07, beats on revs; reaffirms FY23 guidance; 737 program transitioning production to 38 per month
  • BOK Financial (BOKF) beats by $0.17
  • Brandywine Realty (BDN) beats by $0.02, beats on revs; narrows FY23 FFO guide
  • British American Tobacco (BTI) reports H1 results; revs up 4% yr/yr; on track to meet FY23 guidance
  • Cal-Maine Foods (CALM) beats by $0.43, beats on revs
  • Canadian Nat'l Rail (CNI) misses by $0.03, misses on revs
  • Check Point Software (CHKP) beats by $0.10, reports revs in-line
  • Chubb (CB) beats by $0.50, misses on revs
  • CME Group (CME) beats by $0.10, beats on revs
  • Coca-Cola (KO) beats by $0.06, beats on revs; guides FY23 EPS in-line
  • Constellium (CSTM) misses by €0.20, slightly beats on revs
  • CoStar Group (CSGP) beats by $0.01, reports revs in-line; guides Q3 EPS in-line, revs below consensus; guides FY23 EPS in-line, revs below consensus
  • Crane (CR) beats by $0.19, misses on revs; raises FY23 guidance
  • Danone (DANOY) reports H1 results; reaffirms FY23 outlook
  • Deutsche Bank (DB) reports Q2 results; beats on revs
  • EastGroup (EGP) beats by $0.02, beats on revs; guides FY23 FFO above consensus
  • Encore Wire (WIRE) misses by $0.48, misses on revs
  • Enova International (ENVA) beats by $0.04, beats on revs
  • EQT Corp. (EQT) beats by $0.09, misses on revs
  • Equinor (EQNR) reports Q2 results; misses on revs; provided outlook
  • Euronet (EEFT) beats by $0.02, reports revs in-line
  • Evercore (EVR) misses by $0.30, misses on revs; declares quarterly dividend of $0.76 per share
  • First Commonwealth (FCF) beats by $0.01
  • Fiserv (FI) beats by $0.02, beats on revs; guides FY23 EPS above consensus, raises FY23 organic growth outlook
  • Fortive (FTV) beats by $0.04, beats on revs; guides Q3 EPS below consensus, revs slightly below consensus; guides FY23 EPS in-line, revs slightly above consensus
  • General Dynamics (GD) beats by $0.14, beats on revs
  • General Dynamics (GD) reaffirms FY23 EPS guidance; raises FY23 revenue guidance on conference call
  • GlaxoSmithKline (GSK) beats by 4 pence; beats on revs; raises FY23 outlook
  • Group 1 Auto (GPI) beats by $0.65, beats on revs
  • Hawaiian Holdings (HA) beats by $0.19, beats on revs
  • Healthcare Services Group (HCSG) misses by $0.05, reports revs in-line
  • Hess (HES) beats by $0.13, reports revs in-line
  • Hess Midstream Partners (HESM) beats by $0.02
  • Highwoods Prop (HIW) reports FFO in-line, misses on revs; guides FY23 FFO in-line
  • Hilton (HLT) beats by $0.05, beats on revs; guides Q3 EPS above consensus; guides FY23 EPS above consensus
  • H World Group (HTHT) reports preliminary Q2 operating results; RevPAR recovers to 121% of the 2019 level
  • Kaiser Alum (KALU) beats by $0.80, beats on revs
  • Lithia Motors (LAD) beats by $1.65, beats on revs
  • LivaNova (LIVN) beats by $0.24, beats on revs; guides FY23 EPS in-line
  • Lloyds Banking (LYG) reports Q2 results; provides outlook
  • Luxfer (LXFR) misses by $0.03 (single est), reports revs in-line (single est); guides FY23 EPS below estimate due to impacts from extended outage of U.S. magnesium supply
  • Manhattan Assoc (MANH) beats by $0.16, beats on revs; raises FY23 guidance
  • Matador Resources (MTDR) beats by $0.10, reports revs in-line; increases 2023 production guidance
  • Mercedes-Benz Group AG (MBGYY) raises full-year guidance based on solid financial results in the second quarter (full quarterly results will be published tomorrow July 27)
  • Merit Medical (MMSI) beats by $0.06, beats on revs; reaffirms FY23 EPS in-line, revs in-line
  • Microsoft (MSFT) beats by $0.14, beats on revs; Azure +27% constant currency at high end of +26-27% CC prior guidance
  • Monro Muffler (MNRO) misses by $0.07, misses on revs
  • Mr. Cooper Group (COOP) beats by $0.90, beats on revs
  • Navient (NAVI) misses by $0.06
  • NexTier Oilfield (NEX) beats by $0.05, misses on revs
  • New Oriental Education & Technology (EDU) misses by $0.12, beats on revs; guides Q1 revs above consensus
  • Northern Oil & Gas (NOG) updates FY23 guidance; increases annual production target
  • Old Dominion (ODFL) beats by $0.02, misses on revs; also approves $3 bln share repurchase program
  • Orange (ORAN) reports Q2 results; beats on revs; reaffirms FY23 outlook
  • Otis Worldwide (OTIS) beats by $0.06, beats on revs; guides FY23 EPS in-line, revs in-line
  • Owens Corning (OC) beats by $0.97, reports revs in-line
  • PacWest Bancorp (PACW) misses by $1.09; to merge with Banc of California
  • Penske Auto (PAG) beats by $0.24, beats on revs
  • Popular (BPOP) beats by $0.29
  • PROG Holdings (PRG) beats by $0.14, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY23 guidance
  • PROS Holdings (PRO) beats by $0.05, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY23 revs above consensus
  • Prosperity Bancshares (PB) misses by $0.01
  • Quest Diagnostics (DGX) beats by $0.03, beats on revs; guides FY23 EPS in-line, revs above consensus
  • RenaissanceRe (RNR) beats by $1.24, beats on revs
  • Renasant (RNST) beats by $0.08
  • Retail Opportunity Investments (ROIC) beats by $0.01, beats on revs; reaffirms FY23 FFO guidance
  • Rio Tinto (RIO) reports H1 results
  • Robert Half (RHI) misses by $0.13, misses on revs; expects Q2 earnings and revs below consensus
  • Rogers Comms (RCI) misses by CAD0.09, reports revs in-line; raises outlook
  • RPC (RES) misses by $0.06, misses on revs
  • RPM Inc (RPM) beats by $0.07, beats on revs, guides 1Q24 revenue above consensus
  • Rush Enterprises (RUSHA) beats by $0.27, beats on revs; declared a three-for-two stock split; increases post split dividend 21.4%
  • Ryder System (R) beats by $0.72, misses on revs; guides Q3 EPS above consensus; raises FY23 guidance
  • Silgan Holdings (SLGN) misses by $0.06, misses on revs; guides Q3 EPS below consensus; guides FY23 EPS below consensus
  • Silicon Labs (SLAB) beats by $0.01, reports revs in-line; guides Q3 EPS below consensus, revs below consensus
  • Snap (SNAP) beats by $0.23, beats on revs, DAUs increased 14% to 397 mln; guides Q3 revs in-line, expects DAUs of 405-406 mln
  • Stellantis (STLA) reports H1 results; revs increased 12% yr/yr; reaffirms FY23 outlook
  • Stepan Company (SCL) misses by $0.64, misses on revs
  • Stifel Financial (SF) misses by $0.13, misses on revs
  • SunPower (SPWR) sees Q2 revs below consensus; lowers FY23 GAAP net loss guidance
  • Taylor Morrison Home (TMHC) beats by $0.43, beats on revs
  • TE Connectivity (TEL) beats by $0.11, misses on revs; guides Q4 EPS above consensus, revs in-line
  • Teladoc (TDOC) beats by $0.01, reports revs in-line; guides Q3 EPS below consensus, revs in-line; guides FY23 EPS, revs in-line
  • Teledyne Tech (TDY) beats by $0.04, reports revs in-line; guides Q3 EPS in-line; guides FY23 EPS in-line
  • Tenable (TENB) beats by $0.09, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus
  • Texas Instruments (TXN) beats by $0.11, beats on revs; guides Q3 EPS mid point below consensus; sees Q3 revs in line
  • Thermo Fisher (TMO) misses by $0.28, misses on revs; lowers FY23 EPS below consensus, revs below consensus
  • Tilray (TLRY) beats by $0.04, beats on revs
  • Tower Semi (TSEM) misses by $0.03, reports revs in-line
  • Travel + Leisure Co (TNL) beats by $0.01, reports revs in-line; guides Q3 EPS below consensus
  • Trustmark (TRMK) beats by $0.15, beats on revs
  • UMB Financial Corporation (UMBF) misses by $0.08, misses on revs; announces buyback
  • Union Pacific (UNP) misses by $0.17, misses on revs
  • United Micro (UMC) beats by $0.04, beats on revs
  • Universal Health (UHS) misses by $0.01, beats on revs; updates FY23 EPS, revs guidance
  • Veritex Holdings (VBTX) misses by $0.13, misses on revs
  • Vicor (VICR) beats by $0.15, beats on revs
  • Visa (V) beats by $0.05, reports revs in-line; cross-border volume remained a tailwind; expects SepQ net revenue growth of around 10% in nominal dollars
  • Wabash Natl (WNC) beats by $0.22, misses on revs; guides FY23 EPS above consensus, revs in-line
  • Waste Mgmt (WM) misses by $0.04, misses on revs; guides FY23 revs below consensus
  • Weatherford (WFRD) beats by $0.01, beats on revs
  • WesBanco Inc (WSBC) beats by $0.04, beats on revs
• General News
  • Fed expected to increase rates by 25 basis points later today and signal plans for future, according to Bloomberg
  • Senate passes bill requiring corporate reporting of Chinese technology investments, according to Reuters
  • Private equity backers considering sale of Foundation Consumer Healthcare, the company behind the "Plan B" birth control pill, according to Bloomberg
  • Alibaba (BABA) cloud unit will bring Meta's (META) artificial intelligence model to its clients, according to Reuters
  • Allison Transmission (ALSN) announces that the Indianapolis Public Transportation Corporation is applying its recent $19 mln grant from the Federal Transit Administration’s 2023 Low or No Emission and Grants for Buses and Bus Facilities Competitive Programs toward expanding its fleet of 40-foot GILLIG buses equipped with the Allison eGen Flex electric hybrid propulsion system
  • Amarin (AMRN) announces that following the most recent meeting of the Spanish Drug Pricing Committee on July 24, 2023, the Committee is recommending the national reimbursement of VAZKEPA to reduce the risk of cardiovascular events in patients with high cardiovascular risk
  • Amazon (AMZN) offers to change Marketplace rules to address UK CMA concerns
  • Amazon (AMZN): FTC preparing antitrust lawsuit that could break up Amazon.com, according to Politico
  • Amazon's (AMZN) AWS reaffirms its commitment to responsible generative AI
  • DISH Network (DISH) will start selling premium mobile services on Amazon.com (AMZN)
  • Equifax (EFX) discloses it received a civil investigative demand from the CFPB as part of its investigation into data accuracy
  • Inozyme Pharma (INZY) announces updates on Global Development Strategy of INZ-701 for the treatment of ENPP1 deficiency
  • Intel (INTC) expands collaboration with Ericsson (ERIC) to utilize Intel’s 18A process and manufacturing technology for Ericsson’s future next-generation optimized 5G infrastructure
  • Intuitive Machines (LUNR) announces NASA’s Space Technology and Mission Directorate has awarded a $15 mln Tipping Point initiative award to the Zeno Power-led team, including Intuitive Machines
  • Leidos (LDOS) and L3Harris Technologies (LHX) are teaming up for the U.S. Army's Theater Level High-Altitude Expeditionary Next Airborne - Signals Intelligence proposal
  • MAG Silver (MAG) announces second quarter production from Juanicipio
  • Merck (MRK) and Moderna (MRNA) announced the initiation of the pivotal Phase 3 randomized V940-001 clinical trial evaluating V940 (mRNA-4157), an investigational individualized neoantigen therapy (INT), in combination with KEYTRUDA
  • NatWest Group plc (NWG) announced that Alison Rose has agreed by mutual consent to step down as Group Chief Executive with immediate effect
  • NexPoint Real Estate Finance (NREF) declares special dividend of $0.185 per share
  • Opthea Ltd. (OPT) announces that the American Medical Association’s United States Adopted Names Council, in consultation with the World Health Organization’s International Nonproprietary Names Expert Committee, has approved and adopted the nonproprietary drug name “sozinibercept” for the Company’s lead biologic drug candidate, OPT-302
  • Samsung (SSNLF) aiming to introduce Galaxy Z Fold phones, according to the Wall Street Journal
  • Silicon Motion (SIMO): MaxLinear (MXL) has exercised its contractual rights to terminate its May 5, 2022 merger agreement with Silicon Motion - both halted
  • Tesla (TSLA): California will investigate TSLA over Autopilot safety & marketing, according to CNBC
  • Union Pacific (UNP) announces Jim Vena has been appointed as chief executive officer and a member of the Board, effective August 14, 2023
  • Vodafone PLC (VOD): Warburg Pincus among bidders for VOD Spain unit, according to Bloomberg
  • Waterstone Financial (WSBF) announces that Douglas S. Gordon has notified Waterstone of his intention to retire as Chief Executive Officer of Waterstone Financial and its wholly owned subsidiary, WaterStone Bank, effective December 31, 2023
  • Wells Fargo (WFC) increases quarterly common stock dividend to $0.35/share from $0.30/share and authorizes a new common stock repurchase program of up to $30 bln

(see Upgrades/Downgrades calendar for full list):

• Upgrades:
  • Canadian Nat'l Rail (CNI) upgraded to Buy from Reduce at Veritas
  • NetApp (NTAP) upgraded to Equal-Weight from Underweight at Morgan Stanley; tgt raised to $74
  • Spotify (SPOT) upgraded to Buy from Hold at Deutsche Bank; tgt $180
  • Third Harmonic Bio (THRD) upgraded to Outperform from Market Perform at LifeSci Capital
  • WW (WW) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $13
• Downgrades:
  • Aspen Tech (AZPN) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
  • Enterprises Finl (EFSC) downgraded to Mkt Perform from Outperform at Raymond James
  • GATX (GATX) downgraded to Market Perform from Outperform at TD Cowen; tgt raised to $137
  • Independent Bank Group (IBTX) downgraded to Neutral from Overweight at Piper Sandler; tgt raised to $44
  • Lulu's Fashion Lounge (LVLU) downgraded to Neutral from Buy at Goldman; tgt lowered to $2.40
  • Omega Health (OHI) downgraded to Equal Weight from Overweight at Wells Fargo; tgt $32
  • PJT Partners (PJT) downgraded to Peer Perform from Outperform at Wolfe Research
  • RTX (RTX) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $95
  • Target (TGT) downgraded to Mkt Perform from Strong Buy at Raymond James
  • Tencent Music (TME) downgraded to Neutral from Overweight at JP Morgan; tgt $7.50
  • Wendy's (WEN) downgraded to Neutral from Buy at Kalinowski
• Others:
  • Belite Bio (BLTE) initiated with an Outperform at SVB Securities; tgt $25
  • FAT Brands (FAT) initiated with a Buy at Loop Capital; tgt $15
  • FinVolution Group (FINV) initiated with a Buy at Daiwa Securities; tgt $6.70
  • Gorilla Technology Group (GRRR) initiated with an Overweight at Cantor Fitzgerald; tgt $4.80
  • Insmed (INSM) initiated with a Buy at Guggenheim; tgt $50
  • Keros Therapeutics (KROS) initiated with a Buy at BofA Securities; tgt $65
  • Lincoln National (LNC) resumed with a Mkt Perform at Raymond James
  • MicroStrategy (MSTR) initiated with an Outperform at TD Cowen; tgt $520
  • NICE (NICE) initiated with an Outperform at William Blair

• Econ Data (Thursday):
  • 8:30 ET: Advance Q2 GDP (Briefing.com consensus 1.6%; prior 2.0%), advance Q2 GDP Deflator (Briefing.com consensus 3.0%; prior 4.1%), Weekly Initial Claims (Briefing.com consensus 233,000; prior 228,000), Continuing Claims (prior 1.754 mln), June Durable Orders (Briefing.com consensus 1.0%; prior 1.7%), Durable Orders ex-transportation (Briefing.com consensus 0.2%; prior 0.6%), June advance goods trade deficit (-$91.1 bln), June advance Retail Inventories (prior 0.8%), and June advance Wholesale Inventories (prior -0.1%)
  • 10:00 ET: June Pending Home Sales (Briefing.com consensus 0.3%; prior -2.7%)
  • 10:30 ET: Weekly natural gas inventories (prior +41 bcf)
• Earnings:
  • Monday (July 24)
    • Pre-Market: BOH DPZ HOPE PHG
    • After-Hours: AGYS AGNC ARE BRO CADE CDNS CATY CHX CLF CCK FFIV HSTM HXL IBTX LOGI MEDP NXGN NWE NXPI PKG RRC RGP RLI SSD TBI WHR WSFS
  • Tuesday (July 25)
    • Pre-Market: MMM ALK ACI HOUS ADM ARCC AWI ABG AUB AVY BKU BIIB GLW CTS DHR DOV DOW FELE GATX GEHC GE GM HRI HUBB IVZ IRDM KMB LW LTH MCO MSCI NEE NEP NUE NVR ONB PCAR PJT PII PHM RTX SASR ST SHW SFNC SITC SBSI SPOT TRU VZ XRX
    • After-Hours: GOOG ASH ATRC BANC BDN CALM CNI CB CSGP CR EGP WIRE ENVA EQT EEFT FCF HA HIW KALU LXFR MANH MTDR MMSI MSFT NEX PACW PRO RNR RNST ROIC RHI SNAP TDOC TENB TXN TRMK UMBF UHS VBTX VICR V WM WSBC
  • Wednesday (July 26)
    • Pre-Market: AMG ALKS ALLE APH T ADP BXMT BA BOKF GIB CHKP CME KO CSTM EVR FI FTV GD GPI HCSG HES HLT LAD LIVN MNRO COOP NAVI EDU ODFL OMF OTIS OC PAG BPOP PRG PB DGX RCI RES RPM R SLGN SLAB SCL TMHC TEL TDY TMO TLRY TSEM TNL UNP UMC VIRT WNC
    • After-Hours: AEM AGI AIN ALGN AWK AMP NLY AM AR ACGL ASGN AGR CSL CLS CCS CHE CMG CHDN FIX CNMD CLB CVBF EBAY EW ESI EIG ENVX EQC EG EVTC FIBK FLEX FTAI GFL GL GSHD GGG HP ICLR IEX IMAX PI INVH LHX LRCX LSTR LC MAT MXL META MEOH MAA MC MOH MYRG NTGR NXT NOV ORLY OII CASH PTEN PEGA PDM PPC PLXS PTC QS RJF ROL SLM STX SEIC NOW STAG STC SUI NOVA TER TNET TROX TYL UDR URI VMI VICI VKTX VSTO WU WH
  • Thursday (July 27)
    • Pre-Market: AOS ABBV AGCO AEP AMT MT ARCH AMBP ATHM AVNT BCS BAX BSX BFH BMY BC CRS CARR CBZ CBRE CVE CNP CMS CNX CMCSA CROX CFR DTE EXP EME EXLS XPRO FSS FAF FBP FCFS FSV FCN GWW HEES HOG HCA HSY HTZ HON INMD IP ITGR IART KBR KDP KIM KEX LH LAZ TREE LII LECO LIN LKQ HZO MLM MAS MA MCD MDC MBLY NEOG NTCT NYCB NSC NOC NVCR OTLY OIS OPCH OSTK PPBI PATK BTU PNR PRFT PCG PDS PRCT RS RCL SPGI SAH LUV SRCL STM STRA FTI TECK TXT SHYF TSCO TW TPH TRS VLO VLY WAB WST WEX WTW XEL
    • After-Hours:  ACHC AB ALSN AMH ABCB APPF ATR AJG AXNX AX BZH BJRI SAM BYD CP CWST CC CINF OFC COUR CUZ DECK DXCM DLR EMN EIX ENPH EQR ESS EXPO FHI FSLR F FBIN GLPI HIG PEAK HUBG HURN INTC JNPR KNSL KLAC LYV LPLA LTC MGRC MTH MTD MTX MHK MDLZ NATI OLN PEB PFSI PFG PFS ROKU SIMO SKX SKYW SNBR SSB SPSC SSNC SG TMUS TXRH SLCA X UCTT VRSN WY
  • Friday (July 28)
    • Pre-Market: AON ARCB AZN AVTR B BAH CNC GTLS CHTR CVX CHD CNHI CL DAN XOM FHB BEN GNTX IMO MOG.A NWL NMRK NVT PIPR POR PG SAIA SNY STEL STVN TROW TRP WPC WT
    • After-Hours: None