In Today's Update:
1) U.S. Equity markets closed lower Tuesday on slightly higher volume after the Trump Administration revealed plans for new tariffs on EU. The Dow Jones Industrial Average dropped 190.44 or 0.72%, the S&P 500 fell 17.57 or 0.61% while the Nasdaq 100 closed lower by 44.61 or 0.56% and the Russell 2000 finished lower by 19.32 or 1.22%.
2) Crude Oil Futures fell $0.30 or 0.47% after Russia suggested a hike in output while Gold Futures advanced $6.20 or 0.48% on more weakness in the U.S. dollar. The Bond market traded slightly higher and the yield on the 10-year Treasury Note held steady at 2.502%.
3) Earnings season is around the corner and big-name Bank stocks will begin to report this week. Both JP Morgan (JPM) and Wells Fargo (WFC) will release quarterly earnings on Friday morning before market open and traders will be watching closely. For the equity markets to continue to rally, financials need to perform well and the earnings season could certainly have a major impact.