ECB Lagarde speaks in a webinar

The calendar today is highlighted by:

  • Canada CPI at 8:30 AM/1230 GMT for June. The expectations are for MoM up 0.4% vs. 0.3% last month
  • US FHFZ house price index for May at 9 AM ET/1300 GMT. The index is expected to rise by 0.3%
  • ECBs Lagarrde will be speaking on a webinar starting at 9:15 AM ET/1315 GMT
  • US existing home sales for June will be released at 10 AM ET/1400 GMT. The annualized sales pace is expected to jump to 4.75M from 3.91M in May.
  • The weekly inventory data from the Department of Energy will released at 10:30 AM ET. Crude oil inventories are expected to fall by -2.2M barrels. Last week there was a drawdown of -7.493M barrels as well. Gasoline inventories are expected to fall by -1.5M (vs -3.147M last week). The private data last night surprised with a 7.544 million barrels build in inventories which as helped to push the price of WTI crude oil futures lower in trading today.
  • The US treasury will auction off the newly minted 20 year note at 1 PM ET/1700 GMT. At the last auction last month the high yield came in at 1.314%.

On the earnings front after the close, Microsoft, Tesla, Chipotle are some of the names that investors will be focused on.

US a stimulus talks/headlines will also continue to be of interest. The GOP is proposing around a $1 trillion stimulus package. That is less than with the Dems were looking for.