An Up Day for Equities Ends with Late-Session Weakness

The S&P 500 achieved the highest level since February
U.S.orders China’s Houston consulate to close
A deluge of earnings includes Microsoft and Tesla
Stock Market Update for Traders

Stock Market Update for Traders

Tuesday's Close

E-mini S&P 500 Futures (September): Settled at 3251.25, up 6.00

E-mini Nasdaq-100 Futures (September): Settled at 10,851, down 100

U.S. benchmarks surged from Monday’s opening bell into the second half of yesterday. The S&P 500 achieved the highest level since February 24 and the Nasdaq-100 again notched 11,000 but failed to set a new high by half a point. Late session weakness though could be attributed to profit taking ahead of earnings, slower reopenings and deadlock in Washington, D.C. among other rational reasons. Price action overnight battled U.S.-China tensions and rising Covid-19 cases globally to hold ground ahead of today’s open. 

In Washington, Congress is deadlocked on new fiscal measures. The clock is running out on current support as the August recess nears. Senate Republicans are pushing for a $1 trillion plan that President Trump wants to include a payroll tax cut. House Democrats are proposing a package with worth $3 trillion. Both parties seem far away and a watered-down version of each may become the lauded last-ditch effort. 

There is deluge of earnings before and after the bell today. Investors gear up for reports from Microsoft, Tesla, Chipotle, and Las Vegas Sands after the close. 

U.S.-China tensions are back in the headlines after the U.S. closed China’s Houston consulate. The U.S. State Department confirmed the closure adding that it was done to protect intellectual property and private information. China has vowed to retaliate calling it an “unprecedented escalation.” There is video footage on Twitter showing open fires within the consulate assumed to be burning evidence of misdoings before the local police and fire department arrived. 

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