Stock Market Update

Equity futures point to a modestly lower open to the market this morning following the announcement of a 30% tariff on the EU and Mexico.

The S&P 500 futures are trading 18 points below fair value, showing that while the market is respectful of the announcement, there is optimism that better trade deals will be negotiated before the August 1 deadline.

Multiple key data announcements, including June CPI and PPI, are due this week, though there are no data releases of note today.

There are also several major financial companies reporting their earnings this week, with JPMorgan Chase (JPM), Citigroup (C), and Wells Fargo (WFC) before the open tomorrow.