With the July payrolls report due tomorrow, investors eye weekly jobless claims, watch for Middle East developments, and mull memory chip results after the rally slowed.
Though SpaceX and AMD fell early despite better-than-expected results, stocks hit new highs on peace hopes and as Eli Lilly and Disney impressed. ADP jobs growth missed consensus.
Investors remain cautious despite bullish positioning, as rotations curb speculation while record margin debt and high equity allocations raise longer-term risks.
Yesterday's rally to record highs reflected hopes for peace and strong earnings. However, SpaceX and Advanced Micro Devices appeared to disappoint with results after the close.
After stocks closed near record highs Monday and Palantir topped estimates, investors await AMD and SpaceX after the close. Job openings kick off a key labor data week.
Kevin Warsh considers fewer Fed meetings, the Fed holds rates steady, the Senate moves to avert a shutdown, a new BLS chief is confirmed, and midterms near.
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