NEWS

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OPEC+ led by Saudi Arabia on Sunday agreed to a request from the United Arab Emirates to ease cuts by 2 mln bpd until year end. UAE, KSA, Russia, Iraq see output quota adjustment. Oil prices are near 2-1/2 year highs on pandemic economic recovery.

The preliminary July reading for the University of Michigan Index of Consumer Sentiment fell to 80.8 (consensus 86.3) from the final reading of 85.5 for June. This is the lowest reading since February as consumer sentiment declined as consumers' inflation expectations rose.

PNC Financial reported better than expected second quarter earnings before the bell on Wednesday. $PNC closed the BVA USA Bancshares acquisition June 1 and is the biggest driver of balance sheet growth this year. The Bank reported after Citigroup, Goldman Sachs, CitigroupWells Fargo  and JPMorgan

JPMorgan Chase, America's largest bank by assets reported better than expected second quarter earnings Tuesday before the open. Revenue of $30.5 billion beat expected $29.75 billion. $JPM’s fixed income and equities markets revenue fell from red hot first quarter. Investment banking had a record quarter. Goldman Sachs also reported. Bank of America, Citigroup, PNC and Wells Fargo report Wednesday.

Ford’s June sales fell by 26.9%  missing second quarter expectations.  Ford’s June and second quarter sales were below analyst expectations as the global shortage of semiconductor chips continued  to force significant production cuts and inventory constraints.

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