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Coming off the somewhat unexpected boost to the Atlanta Fed’s GDPNow model to 2.9% for the current quarter following ISM’s July Non-Manufacturing Index on Tuesday, we have yet another empty day of fresh economic data. And with only one Fed speaker on the docket - Richmond Fed President Tom Barking at 3 PM ET, the market’s focus will remain on quarterly earnings today and the ongoing unwinding of the global carry trade. According to JPMorgan Chase, three quarters of that carry trade has yet to be undone. 

Even as some of that uncertainty plaguing the market fades further, readers will also want to keep one on the Volatility Index (VIX) and the other on 10-year Treasury yields. With the Fear & Greed Index still signaling “Extreme Fear”, the last few days have seen the VIX on a roller coaster ride with the market moving in the opposite direction. That inverse relationship explains some of yesterday’s market sell-off following what started out a continuation of Tuesday’s market recovery as the VIX.

On the earnings front, we have a full plate today with more than 700 companies reporting. Following CrowdStrike’s(CRWD) recent debacle, we’ll be interested in comments from CyberArk (CYBR) about potential market share shifts for the holdings inside our Cybersecurity model. While wet 2Q 2024 weather was a thorn in the side of construction projects, the outlook from aggregates company Martin Marietta (MLM) and Advanced Drainage Systems (WMS)should be constructive (see what we did there) for our Rebuilding America model. 

As it relates to our Aging of the Population model, we’ll be checking in with AMN Healthcare (AMN) after the market close. And with an eye toward the consumer and our Cash-Strapped Consumer model, we’ll be parsing results and guidance from Capri Holdings (CPRI), elf Beauty (ELF), Expedia (EXPE), Funko (FNKO), Under Armour(UAA), and Restaurant Brands (QSR) to get an updated view on the increasingly selective consumer. 

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