Stock Market Update

The stock market is poised for a higher opening on a morning that has been busy from an earnings perspective but quiet on other fronts. 

Palantir Technologies (PLTR 171.83, +11.17, +6.8%) and Pfizer (PFE 24.12, +0.59, +2.5%) were among the names that impressed, while Dow component Caterpillar (CAT 429.00, -4.70, -1.1%) missed expectations. 

President Trump remarked in an interview with CNBC that there is a possibility that the candidate he nominates to fill the vacant Fed Governor seat following Adriana Kugler's resignation will go on to be nominated for the role of Fed Chairman. 

The president also said that a trade deal with China is close and that the EU will be subject to higher tariffs if they fail to make the investments outlined in the most recent trade deal.

The trade deficit narrowed to $60.2 billion in June (Briefing.com consensus: -$62.0 billion) from a downwardly revised $71.7 billion (from -$71.5 billion) in May. That improvement stemmed from imports being $12.8 billion less than May imports, while exports were $1.3 billion less than May exports.

The key takeaway from the report is that it reflects the fact that tariff actions by the U.S. and the uncertainty related to the tariffs have impeded global trade activity.