The Day Ahead: Markets Look to Housing, Inflation, and Earnings Today

Market Overview

U.S. equity futures are modestly higher early Friday following another record-setting session for the S&P 500, which closed up 0.5% and marked a new all-time high. The Nasdaq Composite added 0.7%, also finishing at a record. The Dow gained 0.5%. Momentum remains firmly bullish, underpinned by strong earnings and resilient economic data.

As of 11:12 GMT, S&P 500 futures rose 0.1% to 6,344, Nasdaq-100 futures climbed 0.07% to 23,267, and Dow futures edged up 66 points (+0.2%) to 44,724.

Earnings optimism continues to support the rally, with big bank beats earlier in the week and solid results from PepsiCo and United Airlines Thursday reinforcing risk appetite. Despite a slight pullback in Netflix after-hours, the broader sentiment remains constructive heading into today’s batch of earnings.

Key Economic Releases

Friday, July 18 (GMT)
• 12:30 – Building Permits: 1.39M forecast (1.39M prior)
• 12:30 – Housing Starts: 1.29M forecast (1.26M prior)
• 14:00 – Prelim UoM Consumer Sentiment: 61.4 forecast (60.7 prior)
• 14:00 – Prelim UoM Inflation Expectations: 5.0% forecast

Sentiment and inflation expectations are key for short-term Fed outlook. Higher readings could strengthen the case for a patient rate path, while soft housing data may offer mild relief to yields.

Notable Earnings

Scheduled for Friday, July 18
• American Express (AXP): $3.87 est.
• 3M (MMM): $2.01 est.
• Ally Financial (ALLY): $0.80 est.
• Charles Schwab (SCHW): $1.08 est.
• Regions Financial (RF): $0.56 est.
• SLB (SLB): $0.74 est.

Netflix beat on Q2 earnings and raised FY revenue guidance but fell over 1% post-market. Focus today will be on margin commentary from banks and consumer demand signals from AXP and 3M.

Technical Outlook

The S&P 500 last traded at 6,344. Resistance is open to price discovery. Support levels are 6,241, 6,085.5 (50-day MA), 5,998.5 (200-day MA), and 5,959.00.

The Nasdaq-100 trades at 23,267. Resistance is untested above. Support levels are 22,803, 22,088.4 (50-day MA), and 21,353.9 (200-day MA).

The Dow is consolidating near 44,724. Resistance levels are 45,043 and 45,177. Support levels are 43,973, 43,565 (200-day MA) and 43,291 (50-day MA).

Outlook

The broader tape reflects a market leaning into growth leadership amid supportive earnings and stable economic signals. Key releases today may shape short-term rate expectations, but for now, the prevailing trend remains bullish with breakout potential intact. Focus remains on earnings execution and sentiment data to guide momentum into next week.

More Information in our Economic Calendar.