The Market Brief
U.S. futures edged lower during early trading on Tuesday while investors braced for news from companies on how tariffs are filtering through to their earnings.
Impact Snapshot
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Macro Viewpoint
Despite losing some steam into the close yesterday, NDX/SPX marched higher ahead of a busy week of earnings. The market remains in low-vol, melt-up mode.
Meanwhile, US equity length remains at or below its 1-yr average and above multi-year average at a 72-78% historical rank as institutional investors are forced back into the markets.
The equity rally continues to defy mounting concerns around upcoming trade talks, with the market eyeing the August 1 tariff deadline.
Investors appear cautious as elevated valuations and a robust Q2 earnings period have yet to spark significant moves, suggesting a wait-and-see approach as details on potential tariff impacts remain unclear.
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