OP Wire 7/21 (OP – Lite)

By Steve

U.S. Futures Tick Higher Ahead of Big Earnings Week

U.S. stock index futures moved higher early Monday as traders gear up for a busy slate of second-quarter earnings from some of Wall Street’s biggest names.

S&P 500 futures rose 18 points (+0.3%).
Nasdaq 100 futures climbed 71 points (+0.3%).
Dow futures gained 124 points (+0.3%).

Markets stalled near record highs last Friday after reports surfaced that President Trump is pushing for 15% to 20% tariffs on European Union imports, set to take effect August 1.

Earnings Spotlight – Tesla & Alphabet Take Center Stage

This week’s headliners include Alphabet (GOOGL) and Tesla (TSLA), both set to report Wednesday. As members of the “Magnificent Seven”, their results could dictate short-term sentiment for the broader market.

Key reports Monday and Tuesday:

Verizon (VZ)
Coca-Cola (KO)
Philip Morris (PM)
RTX Corp (RTX)
Texas Instruments (TXN)
Chubb (CB)
Lockheed Martin (LMT)
General Motors (GM)

Last week, upbeat bank earnings kept sentiment strong, but concerns remain over the economic fallout from Trump’s upcoming tariffs.

Wall Street Near Record Levels Despite Trade Jitters

While the S&P 500 and Nasdaq hit fresh all-time highs last week, Friday’s session saw mild profit-taking as tariff headlines returned to the spotlight. The EU continues to push for the existing 10% baseline duty to remain, but Trump’s “reciprocal” tariffs are on track for implementation August 1 unless new trade deals emerge.

Oil Market Update

Oil prices slipped as traders weigh demand risks from trade tensions and new European sanctions on Russian crude.

Brent crude: $68.89 (-0.6%)
WTI crude: $65.74 (-0.5%)

Analysts at ING noted muted reactions to the sanctions, but highlighted the EU ban on refined oil products processed from Russian crude in third countries as the factor with the most potential market impact.

Tech Leads the Charge – $QQQ Analysis

Bulls ended last week strong, with the $QQQ hitting a new all-time high at 564.73 before closing at 561.26 (-0.1%). Long-term uptrend support remains solid near 540 (previous ATH).

Big earnings this week — TSLA (Wed), GOOGL (Tues), INTC (Thurs), VZ (Tues), KO (Tues) — could drive directional sentiment. If bulls can maintain momentum, a continued market melt-up is possible.

Economic Data to Watch

Today: U.S. Leading Index (Jun) @ 10AM ET
Tuesday: Powell Speech
Thursday: Jobless Claims

Notable Earnings:

Tuesday: ENPH, GM
Wednesday: GOOGL, TSLA
Thursday: AAL, LUV, INTC

NQ Futures Outlook

Last week, we noted buyers needed to break above 23,100 to continue the bullish trend. Thursday delivered, with fresh all-time highs into the week’s close.

Near-term range low: 22,840 (critical support).
Upside targets: 23,500 and 24,000 if bulls hold above range highs.
With tight ranges and low volume, our focus remains on shorter-timeframe upside targets to capture granular price action.

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