Stock Market Update

The stock market is on track for a modestly lower opening, as the S&P 500 futures trade five points below fair value.

Equity futures were little changed following today's jobless claims report, though a decrease in initial jobless claims in tandem with yesterday's FOMC minutes will likely keep the probability of a July rate cut minimal.

Brazil announced intentions to respond to the 50% tariff announced by President Trump yesterday, but aside from some selling interest on Monday from last week's record highs, trade developments have done little to rattle the market this week.