Economic Indicators - The Personal Consumption Expenditures (PCE) report for June showed results warmer than expected, with year-over-year PCE reaching +2.6%, which is 10 basis points higher than anticipated [2][5] - Personal Income increased by +0.3%, exceeding expectations by 10 basis points, while Personal Spending fell to +0.3%, down 10 basis points from expectations [3][4] - The overall PCE Index month-over-month was in line with expectations at +0.3%, following an upwardly revised +0.2% the previous month [4] Job Market - Initial Jobless Claims rose slightly to 218K, marking the first increase in seven weeks, but still significantly lower than the 250K seen in early June [7] - Continuing Claims remained stable at 1.946 million, indicating a leveling off after a period of decline [8] - The upcoming Employment Situation report for July is expected to show 100K new jobs, which is a decrease of 47K from the previous month [9] Q2 Earnings Reports - AbbVie reported Q2 earnings of $2.97 per share, surpassing projections of $2.89, with a year-to-date increase of +6.5% [10] - CVS Health exceeded earnings estimates with $1.81 per share, resulting in an earnings beat of +23.13% and a year-to-date increase of +38.8% [10] - Mastercard's earnings of $4.15 per share beat expectations by 10 cents, with a year-to-date increase of +6% [10] - Bristol Myers-Squibb had a notable earnings beat at $1.46 per share, exceeding estimates by +36.45% [11] - International Paper reported a significant earnings drop to $0.20 per share, missing expectations by -47.37% [11] - Sirius XM missed estimates with earnings of 57 cents per share, resulting in a -27.85% earnings surprise [12] Market Outlook - The Chicago Business Barometer (PMI) report is expected after the market opens, with no further scheduled announcements [13] - Anticipation surrounds upcoming earnings reports from major companies such as Apple and Amazon, with expectations of modest gains for Apple and high-single-digit growth for Amazon [14]