Stocks closed mixed yesterday after all of the indexes were in the green earlier in the day. But by day's end, most of the gains were erased. However, the Nasdaq and the S&P 500 finished in the plus column with 0.38% and 0.14% respectively, with both making new all-time highs in the process.

Not much in the way of news yesterday.

But there's plenty of news over the last couple of weeks that has supported the market–not the least of which has been better-than-expected inflation reports; indications from the Fed that they still see two rate cuts this year (and only four FOMC meetings left); the budget bill, which passed a couple of weeks ago, which made individual tax cuts permanent (corporate tax cuts were already permanent) and expanded on corporate tax cut provisions, like the 100% immediate depreciation; and better-than-expected earnings.

Earnings season is always an exciting time since stocks typically go up during earnings season.

We'll get plenty of earnings this week with another 571 companies on deck to report between today and the rest of the week. That includes two Magnificent 7 stocks: Alphabet and Tesla.

Next week we'll get as many as 966 companies set to report, along with 3 other Mag 7 stocks: Microsoft, Meta and Apple.

On the economic report front today, we'll get the Richmond Fed Manufacturing Index.

We'll also hear from Fed Chair Jerome Powell as he gives the opening remarks at the Integrated Review of the Capital Framework for Large Banks Conference, in Washington, DC.

Michelle Bowman, Fed Vice Chair for Supervision, will participate in a discussion afterwards.

The market is also anticipating the announcement of more trade deals as the August 1^st deadline approaches. At the moment, there's only deals in place for the U.K., Indonesia, and a working agreement with China.

Treasury Secretary Scott Bessent said the deadline won't preclude other partners from continuing negotiations. But the reciprocal tariffs will finally be applied come August 1^st if there's no deal in place by that time.

As for rate cuts, even though the Fed has forecast two more rate cuts this year (presumably by 25 basis points each), it's highly unlikely they'll pull the trigger at their next meeting on July 29-30. But whether the rate-cutting cycle resumes this month, September, October, or December–since the market is forward-looking and the data is supportive for rate cuts–the market appears to have begun pricing it in already.

In the meantime, stocks are trading at or near their all-time highs, or at least their YTD highs.

And it looks like there's a lot more upside to go.

So make sure you're taking full advantage of it.

See you tomorrow,