It was an old-school summer session with lighter-than-average volume and insufficient leadership to spark market-wide energy.

We are seeing tech buyers move down the food chain to large but not mega-cap names.

Early morning pressure from Mega Cap financial results that failed to impress.  There is enormous pressure on the Magnificent Seven to produce excellent results, with four components expected to deliver more than 56% of second-quarter earnings growth.  Alphabet (GOOGL) will open lower after their results were posted.

Tesla (TSLA) beat on revenue but missed on earnings and announced the delay of its Robo-Taxi, which caused the stock to get walloped in pre-open trading.

The Economy

Other earnings missed this morning as evidence mounts that the average consumer is tapped out. Capital One (COF) increased its provision for credit losses by 40% (although it looks less ominous when typed out as $1.2 billion).

Philly Fed Service Survey

The Philly Fed Service Survey was a real eye-opener.  Prices were higher while activity, new orders, and sales stumbled.

There are louder rumblings over a July rate cut. The Fed should listen to those rumblings.