Stocks closed higher again yesterday with the Nasdaq making another new all-time high. Same goes for the S&P 500.

All of the major indexes (sans the Dow) are currently up for the week (although they are not far behind). The small-cap Russell 2000, however, is leading the gainers with a 0.64% gain, so far. And, they led last week as well with a 3.52% weekly gain.

Big tech continues to lift the S&P and Nasdaq.

But as I mentioned yesterday, small-caps are also benefitting from a whole host of reasons, including the recently passed budget bill, which carries additional tax cut provisions for businesses (and will definitely help smaller companies), and expectations that the Fed will still be cutting rates this year (there's only 4 more meetings left in the year). And while virtually all companies will benefit, it's likely more important to smaller companies who may not always be able to borrow money at the most favorable terms. And smaller companies usually have more debt proportionally.

Even though interest rate cuts are likely still a couple of months off, since the market is forward looking, investors aren't waiting for the rate cut(s) to happen. They appear to be pricing it in ahead of time.

In other news, yesterday's Weekly Jobless Claims fell -5,000 to 227,000 vs. the consensus for 238K.

The only 'economic' report on the docket today is the Baker Hughes Rig Count Report.

The market is still waiting on the announcement of new trade deals. Agreements with the E.U. and India are expected to be announced soon. In the meantime, at least 20 countries have received letters stating what their new tariff rate will be starting August 1 if no deal is forthcoming.

While earnings season has already unofficially started, it officially kicks off next week on 7/16 when Alcoa reports after the close. But prior to that, we'll get a parade of big bank earnings, which includes JPMorgan Chase, Wells Fargo, BlackRock, Citigroup, Bank of America, Morgan Stanley and Goldman Sachs to name a handful.

Earnings season is always an exciting time since stocks typically go up during earnings season. Last earnings season was excellent. I'm expecting more of the same this earnings season as well.

If all goes well today, most of the major indexes are on pace to close higher for the week. If so, that'll make it 3 up weeks in a row for the S&P 500 and Nasdaq (and with a little more help, the Dow), and 4 up weeks in a row for the small-cap Russell 2000 and the mid-cap S&P 400.

Best,