00:00 Speaker A

Let's kick it off with the three things you need to know before the opening bell rings by taking a look at the futures board. As you can see, all three, uh, all three futures indexes tied to the major indexes in the US in the red. You can see your S&P 500 futures off about 0.3%, and this is as tariffs are once again in focus. New letters from the President, from President Trump over the weekend, threatened 30% duties on Mexico and the European Union. The latest tariff actions follow a 35% tariff on Canadian goods announced last week. In response, the European Union says it will delay its plans to impose tariffs on US exports to the EU, which had initially been slated for Tuesday, according to the Financial Times. Italy's Foreign Minister, Antonio Taiani, said in a newspaper interview Monday that the EU is prepared with a list of tariffs amounting to more than $24 billion on US goods, should the two sides fail to reach a deal. The latest tariff back and forth has caught the market's attention with the US dollar edging slightly higher on Monday morning against the euro, while European stocks are taking a step lower, and futures tied to those major US stock indexes are also in the red. As tariffs continue to batter the headlines, a potential flight to safety trade continues to balloon in cryptocurrencies. Bitcoin surpassing $122,000 earlier this morning, cracking another fresh all-time high. The world's largest cryptocurrency is now up about 10% in the past week alone and more than 30% this year. US stocks linked to crypto are seeing a pop in pre-market. Michael Sailor strategy, which holds a significant amount of Bitcoin on its balance sheet, up about 2% in pre-market trading, while Coinbase and Robinhood exchanges that trade crypto are both up more than 1%. And finally, investors are readying for a big week of expected news releases and economic data and quarterly financial reports. Inflation reports from both the US and Europe will be in particular focus. On Tuesday morning, the core consumer price index, which excludes food and energy, is expected to show price increases accelerated in the US during June. Consensus expects core CPI rose 2.9% over the prior year in June, a step higher from the 2.8% seen in May. Economists believe an increase in line with those expectations will likely prompt the Federal Reserve to once again hold interest rates steady at its July policy meeting. On the corporate front, earnings from large banks, including JP Morgan and Bank of America, will be in focus, while investors will also closely be watching for any tariff related impacts at corporates, including Pepsi, ASML, and Burberry. The latest data from FactSet shows analysts expect S&P 500 earnings grew by just under 5% over the prior year during the second quarter. Should this forecast come true, it will mark the slowest pace of profit growth since the fourth quarter of 2023.