Good morning!

Wall Street’s attention this week is locked on Q2 earnings, with a flood of reports rolling in from major global players. Here's what's happening...

• Earnings season shifts into high gear this week with Alphabet and Tesla set to release updates on Wednesday — the first of the "Magnificent Seven" to report for the second quarter. This morning, earnings are due from SAP, Coca-Cola, Philip Morris, RTX Corporation, Texas Instruments, Lockheed Martin, and Sherwin Williams, followed Wednesday by Alphabet, Tesla, IBM, T-Mobile, and AT&T. Thursday numbers are up for Honeywell, Union Pacific, Blackstone, Intel, Lloyds Banking, and Deutsche Bank, followed Friday by Aon, Charter Communications, and Phillips 66. *

• Federal Reserve Governor Christopher J. Waller has advocated for a rate cut in July, citing slower-than-expected inflation data, with the June CPI figure at 2.7%. This supports the call for the Fed's first rate cut in 2025. President Trump has also demanded a significant rate cut, arguing it will benefit the economy and reduce interest on the U.S. deficit. The Federal Funds Rate has been steady at 4.25% to 4.50% in anticipation of inflation from tariffs. The Fed is expected to discuss the rate cut at its upcoming meeting on July 29-30. **

• Home-building in the U.S. got a bit of a bump in June, but overall, it’s still dragging behind last year’s pace. New housing starts hit 1.32 million, slightly up from May, yet still down 0.5% compared to a year ago. Residential permits didn’t budge much either, landing around 1.4 million and keeping that same “meh” vibe year-over-year. While President Trump’s freshly signed “big, beautiful bill” offers business-friendly tax breaks that might boost construction in time, builders are still grappling with trade tariffs that hike up material costs and sky-high interest rates that are cooling buyer demand. So, for now it’s a cautious outlook across the housing landscape. ***

The financial advisors at Miramontes Capital diligently keep up with anything that can impact our clients' finances and tap into more than 175 years of combined investment experience. We do our all to keep your money protected and growing. If you think you might benefit from our financial experience and oversight, contact us today for a FREE, no-obligation consultation. Just call (800) 460-1595. Until next week...

Investment Advisory Services offered through Miramontes Capital, LLC. Securities offered through Balanced Security Planning, Inc. Member FINRA/SIPC. Miramontes Capital, LLC and Balanced Security Planning, Inc. are separate companies affiliated through common control. This newsletter is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Miramontes Capital, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Miramontes Capital, LLC unless a client service agreement is in place.