After authorizing a strike on Iran last night, President Trump reportedly abruptly called it off, putting the US’s response to the shooting down of a drone over international waters into question again. US futures, understandably, are trading modestly lower on the uncertainty as the on again off again series of breakouts to new highs pauses again. Since January of last year, the S&P 500 has now made four separate runs to new highs, but in the grand scheme of things has little to show for it, although so far in 2019, the first half is shaping up to be a very good one.
Ahead of the weekend today, there are no earnings reports to speak of, but we will get PMI data from Markit for June, and US Existing Home Sales at 10 AM
Please read today’s Morning Lineup for a discussion of the latest events surrounding Iran, the latest Flash PMIs from Europe and Asia, as well as some strong data on the French Labor market.
The ongoing tensions in Iran have provided a much-needed boost to oil prices. Through this morning, WTI crude has rallied 9.54% on the week. If this pace holds through the close, it will be the best week for ‘black gold’ since December 2016.
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