Economic indicators released this morning saw consumer spending continuing to rise, while incomes remained variable, missing estimates. Inflation seems in check for the time being, despite massive spending and the explosion of the Fed balance sheet.

Tech giants Apple, Google, Amazon and Facebook announced blockbuster earnings after the close yesterday. Markets are flat on the open. Concern is rising over possible government anti-trust action and increased regulation.

Personal Consumption Expenditures - Price Index (YoY) (Jun) printed at 0.8% vs 0.5% consensus estimate.

Core Personal Consumption Expenditure - Price Index (MoM) (Jun) printed at 0.2% estimate.

Personal Income (MoM) (Jun) printed at -1.1% vs -0.5% estimate.

Personal Consumption Expenditures (MoM) (Jun) printed at 0.4% vs 0.0 estimate.

Employment Cost Index (Q2) printed at 0.5% vs 0.6% estimate.

Personal Spending (Jun) printed at 5.6% vs 5.5% estimate.

Core Personal Consumption Expenditure - Price Index (YoY) (Jun) printed at 0.9% vs 1.0% estimate.

Chicago Purchasing Managers' Index printed at 51.9 vs 43.9 estimate.

Michigan Consumer Sentiment Index (Jul) printed at 73.

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