Economic Indicators - The Consumer Price Index (CPI) for June increased by +0.3% month over month, which is in line with expectations and 20 basis points higher than the previous month [2] - Year-over-year CPI rose to +2.7%, marking a +30 basis points increase from the previous month, the highest since February [3] - Core CPI year over year reached +2.9%, up 10 basis points month over month and 10 basis points below estimates [3] Manufacturing and Economic Sentiment - The Empire State Index for July improved to +5.5 points, significantly better than the expected -9.0 and the previous month's -16.0, indicating a positive shift in manufacturing sentiment [5] Banking Sector Performance - JPMorgan Chase reported Q2 earnings of $4.96 per share, exceeding estimates by +10% and revenues of $44.91 billion, which surpassed estimates by +2.5% [7] - Citigroup's Q2 earnings were $1.96 per share, surpassing the consensus of $1.61, with revenues of $21.67 billion beating expectations of $20.98 billion [8] - Wells Fargo posted Q2 earnings of $1.54 per share, exceeding projections of $1.41, with revenues of $20.82 billion, showing a modest surprise of +0.57% [9]

Economic Indicators - The Consumer Price Index (CPI) for June increased by +0.3% month over month, which is warmer than the previous month's +0.1% [2] - Year-over-year CPI rose to +2.7%, marking a +30 basis points increase from the previous month and the highest level since February [3] - Core CPI year over year reached +2.9%, up 10 basis points month over month, but still 10 basis points below estimates [3] Federal Reserve Insights - The current interest rate remains between +4.25-4.50%, unchanged since December, but a potential change in leadership at the Federal Reserve could lead to a more dovish stance on interest rates [4] Manufacturing and Economic Growth - The Empire State Index for July improved to +5.5 points, significantly better than the expected -9.0 and the previous month's -16.0, indicating a positive shift in manufacturing sentiment [5] Banking Sector Performance - JPMorgan Chase reported Q2 earnings of $4.96 per share, exceeding estimates by +10% and revenues of $44.91 billion, which surpassed estimates by +2.5% [7] - Citigroup's Q2 earnings were $1.96 per share, beating the consensus of $1.61, with revenues of $21.67 billion also exceeding expectations [8] - Wells Fargo reported Q2 earnings of $1.54 per share, surpassing projections of $1.41, although net interest income fell short of estimates [8]

Market Overview - Pre-market futures are lower across all major indexes due to new tariff threats from President Trump, which have dampened market enthusiasm after reaching near record highs last week [1][2] - Trump announced a new +35% tariff on all Canadian imports and a +30% tariff on both the EU and Mexico, effective if no new trade deals are reached by August 1st [2] Tariff Impact - Over $99 billion in revenues have been collected from tariff policies, marking an increase of more than +110% from the previous year [3] - Economists express concerns that higher tariffs could lead to increased prices for consumers as companies pass on costs to maintain profitability [3] Trade Deal Status - The U.S. has not established new trade deals, with only an incomplete agreement with the UK and a preliminary deal with China regarding rare earth materials [4][5] - The 90-day window for establishing new trade policies has closed without resolution, raising questions about the potential for further delays [5] Economic Data Releases - This week will see significant economic data releases, including the Consumer Price Index (CPI) and Producer Price Index (PPI), with CPI expected to rise to +2.7% from +2.4% [6] - Other economic reports include Empire State and Philly Fed manufacturing reports, Retail Sales, Industrial Production, Business Inventories, Homebuilder Confidence, and Housing Starts/Building Permits [7] Earnings Reports - Major banks such as JPMorgan, Citigroup, and Wells Fargo will report earnings on Tuesday, followed by Bank of America and Goldman Sachs later in the week [8] - Other companies reporting include Netflix, Johnson & Johnson, and 3M, contributing to a busy earnings week [8]

Inflation Rate - Kenya's annual inflation rate remained unchanged in June [1] - Slower growth in utilities and housing prices contributed to the flatlined inflation rate [1]