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The stock market finds itself in a similar position as yesterday, which is to say it is largely non-committal. That position is defensible with Microsoft's (MSFT) earnings report on tap after today's close, the Federal Reserve beginning its two-day FOMC meeting today, the Bank of Japan releasing a closely-watched policy decision late tonight, and the July employment report lurking on Friday.
Currently, the S&P 500 futures are up nine points and are trading 0.2% above fair value, the Nasdaq 100 futures are up 51 points and are trading 0.3% above fair value, and the Dow Jones Industrial Average futures are down 43 points and are trading 0.1% below fair value.
While there are a lot of important happenings sitting on the near horizon, there has been a lot of earnings news since yesterday's close. That news in aggregate hasn't caused much of a stir for the broader market, but like any large batch of earnings results, that news has produced mixed responses.
Stocks with outsized gains following the earnings results include the likes of Sprouts Farmers Market (SFM), Harmonic (HLIT), F5, Inc. (FFIV), Stanley Black & Decker (SWK), Varonis Systems (VRNS), PayPal (PYPL), and Zebra Technologies (ZBRA).
Pfizer (PFE) is also trading higher after its report, but to a lesser degree.
Conversely, stocks with outsized losses after their earnings results include the likes of Lattice Semiconductor (LSCC), Sanmina (SANM), AGCO Corp (AGCO), Corning (GLW), Diageo (DEO), and Dow components Procter & Gamble (PG) and Merck (MRK).
A lot of trading opportunities have presented themselves, then, but there isn't any convincing read-through at the index level on account of those trading opportunities. That could change -- for better or worse -- following Microsoft's report, which will then be followed by Meta Platform's (META) report after the close on Wednesday, and reports from Amazon.com (AMZN) and Apple (AAPL) after the close on Thursday.
Those four companies combined account for $9.6 trillion in market capitalization, or nearly 21% of the S&P 500's total market capitalization. They are market movers.
It remains to be seen if today's economic data will have any market-moving panache. The May FHFA Housing Price Index and May S&P Case-Shiller Home Price Index reports at 9:00 a.m. ET likely won't, but there's a chance the July Consumer Confidence Index and June JOLTS - Job Openings Report at 10:00 a.m. ET could.
The Treasury market is sitting tight in front of those reports. The 2-yr note yield is up two basis points to 4.41% and the 10-yr note yield is unchanged at 4.18%, having digested the overnight news that Q2 GDP for the eurozone increased 0.3% quarter-over-quarter.
