Stocks Higher into Afternoon on China Stimulus Hopes, US Economic "Soft-Landing" Optimism, Technical Buying, Commodity/Financial Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 13.9 +1.8%
• DJIA Intraday % Swing .60%
  
• Bloomberg Global Risk On/Risk Off Index 64.2 -.4%

• Euro/Yen Carry Return Index 165.2 -.9%

• Emerging Markets Currency Volatility(VXY) 8.7 +.1%

• CBOE S&P 500 Implied Correlation Index 17.5 -2.1% 

• ISE Sentiment Index 110.0 -3.0 points
  

• Total Put/Call .83 -8.0%

• NYSE Arms .68 -32.0%

Credit Investor Angst:

• North American Investment Grade CDS Index 64.8 -.7%
  

• US Energy High-Yield OAS 331.10 -1.7%
• Bloomberg TRACE # Distressed Bonds Traded 370.0 -7.0
  

• European Financial Sector CDS Index 80.6 +2.4% 
• Deutsche Bank Subordinated 5Y Credit Default Swap 267.20 +1.9%
  

• Italian/German 10Y Yld Spread 160.0 basis points -1.0 basis point
  

• Asia Ex-Japan Investment Grade CDS Index 110.3 +.25%
  

• Emerging Market CDS Index 201.03 -.87%
  

• China Corp. High-Yield Bond USD ETF(KHYB) 25.5 -.43%

• 2-Year Swap Spread 21.25 basis points unch.
  

• TED Spread 21.25 basis points +2.25 basis points
  

• 3-Month EUR/USD Cross-Currency Basis Swap -11.75 unch.
  
• MBS  5/10 Treasury Spread 163.0 -2.0 basis points
  
• Bloomberg CMBS Investment Grade Bbb Average OAS 727.0 +4.0 basis points
  
• Avg. Auto ABS OAS 74.0 -1.0 basis point
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 43.4 +.16%
• 3-Month T-Bill Yield 5.41% +1.0 basis point
  

• China Iron Ore Spot 114.1 USD/Metric Tonne +1.3%
• Dutch TTF Nat Gas(European benchmark) 30.5 euros/megawatt-hour  +8.5%

• Citi US Economic Surprise Index 65.2 +2.1 points

• Citi Eurozone Economic Surprise Index -138.9 -20.6 points

• Citi Emerging Markets Economic Surprise Index -9.8 +.1 point
• S&P 500 Current Quarter EPS Growth Rate YoY(89 of 500 reporting) -.1% -5.7 percentage points
  
• S&P 500 Blended Forward 12 Months Mean EPS Estimate 231.42 -.16:  Growth Rate +3.6% -.1 percentage point, P/E 19.7 unch.
  
• S&P 500 Current Year Estimated Profit Margin 12.08% -8.0 basis points
  
• NYSE FANG+ Current Quarter EPS Growth Rate YoY(2 of 10 reporting) +14.5% unch.
  
• NYSE FANG+ Blended Forward 12 Months Mean EPS Estimate 219.63 +1.67: Growth Rate +42.8% +1.1 percentage point, P/E 35.4 -1.1
  
• Bloomberg US Financial Conditions Index .49 +4.0 basis points
  
• Bloomberg Euro-Zone Financial Conditions Index .02 +6.0 basis points
  
• US Yield Curve -104.25 basis points (2s/10s) -6.0 basis points
  
• US Atlanta Fed 2Q GDPNow Forecast +2.42% unch.
  

• Cleveland Fed Inflation Nowcast Core PCE YoY +4.19% unch.: CPI YoY +3.36% unch.
  
• 10-Year TIPS Spread 2.38 +3.0 basis points
  
• Highest target rate probability for Sept. 20th FOMC meeting: 83.1%(-.4 percentage point) chance of 5.25%-5.5%. Highest target rate probability for  Nov. 1st meeting: 67.7%(-1.1 percentage points) chance of 5.25%-5.5%.
  

Overseas Futures:

• Nikkei 225 Futures: Indicating +80 open in Japan 
• China A50 Futures: Indicating +175 open in China

• DAX Futures: Indicating +101 open in Germany

Portfolio:

• Slightly Higher:  On gains in my industrial/tech sector longs
  

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and emerging market shorts
  

• Market Exposure: Moved to 75% Net Long
  

Tomorrow's Earnings/Economic Releases of Note; Market Movers

Earnings of Note 
Company/Estimate 

Before the Open:

• (MMM)/1.73
• (ALK)/2.71
• (ACI)/.85
• (ADM)/1.59
• (AWI)/1.31
• (AVY)/2.05
• (BIIB)/3.78
• (GLW)/.45
• (DHR)/2.01
• (DOW)/.70
• (GE)/.46
• (GM)/1.86
• (HRI)/3.11
• (KMB)/1.48
• (NEE)/.81
• (NUE)/5.53
• (NVR)/103.76
• (PCAR)/2.18
• (PII)/2.21
• (PHM)/2.52
• (RTX)/1.18
• (SHW)/2.70
• (VZ)/1.17
  

After the Close: 

• (GOOG)/1.34
• (CALM)/1.84
• (CNI)/1.79
• (CB)/4.42
• (KALU)/.46
• (MANH)/.72
• (MSFT)/2.55
• (RHI)/1.13
• (SNAP)/-.25
• (TDOC)/-.41
• (TXN)/1.76
• (V)/2.11
  

Economic Releases  

8:30 am EST

• The Philly Fed Non-Manufacturing Activity Index for July. 

9:00 am EST

• The FHFA House Price Index MoM for May is estimated to rise +.6% versus a +.7% gain in April.
  
• The S&P CoreLogic CS 20-City MoM SA for May is estimated to rise +.7% versus a +.91% gain in April. 
  

10:00 am EST

• The Conference Board Consumer Confidence Index for July is estimated to rise to 112.0 versus 109.7 in June.
• The Richmond Fed Manufacturing Index for July is estimated to fall to -10 versus -7 in June.
  

Upcoming Splits 

• None of note
  

Other Potential Market Movers

• The ECB lending data, 5Y T-Note auction and the weekly US retail sales reports could also impact global trading tomorrow.

US Equity Market Hours

• 9:30 am - 4:00 pm EST

Morning Market Internals

NYSE Composite Index:

• NYSE Volume Running +4.9% Above 100-Day Average 
• Nasdaq/NYSE Volume Ratio 8.6 unch.
  
• 1 Sector Declining, 10 Sectors Rising
• 60.9% of Issues Advancing, 36.7% Declining
• 73 New 52-Week Highs, 7 New Lows
• 59.9%(+1.1%) of Issues Above 200-day Moving Average
• Average 14-Day RSI 73.0 +2.0
  
• Bloomberg Global Risk-On/Risk-Off Index 64.3 -.14%
  
• Russell 1000: Growth/Value 17,218.1 +.15%
• 1-Day Vix 7.5 -22.8%
  
• Vix 13.8 +1.2%
  
• Total Put/Call .73 -17.1%
• TRIN/Arms .76 -24.0%
  

Monday Watch

Today's Headlines

Bloomberg:

• Meloni Wants Italy to Lead Europe’s Efforts on Migration Flows.
• Xi’s Pitch to Investors Hinges on Revitalizing State-Owned Firms.
• Aussie Dollar’s Rally May Trip on Policy Meetings, China Worries.
• Blinken Says World Is Seeking Responsible US-China Relationship.
• Here’s How China Is Supporting Its Economy as Stimulus Awaited. 
• China, Japan, Korea Central Bankers Discussed Economy, Finance.
• Spain Go to Polls as Conservatives Eye Ousting Sanchez.
• Most Expensive Euro on Record Has Traders Braced for Declines.
• Asia Stocks Set to Open Higher; Currencies Steady: Markets Wrap.
• Oil Drops as Likely Fed Hike Weighed Against Tightening Market.
• Stock Market’s 2023 Surge Faces Fed Test Even as Profits Improve.
• Up-for-Grabs Latino Voters Signal 2024 Fight Ahead for Democrats.
• US Economic Soft Landing Hinges on Fed’s Tolerance of Inflation.
• Chevron Posts $6 Billion Quarterly Earnings, Beating Estimates.
• AMC Revises Stock-Conversion Settlement Plan Rejected By Judge.
• The Great M&A Slump Is Shaking Up Giants of Investment Banking.
• Fed Hike, Food Crisis and Bank Earnings: Sunday Asia Briefing.
• Five Key Charts to Watch in Global Commodity Markets This Week.

Zero Hedge:

• US Military Confirms Myocarditis Spike After COVID Vaccine Introduction.
• "It's Absurd!" - 'Miss Italy' Bans Biological Males From Beauty Pageant. 
• Texas' Operation Lone Star Seizes 422 Million Doses Of Fentanyl, Nearly 400K Migrants Arrested.
• It’s Time To Acknowledge America’s Education Crisis.
• Higher Military Spending Will Save Democracy, Says NY Times.
• "Nobody Understands Where Bottom Is" For Commercial Real Estate.
• Weekend News Round Up - Newsquawk Asia-Pac Market Open.
• CDC Changed Definition Of Breakthrough COVID-19 After Emails About 'Vaccine Failure'.
• Chip slip and the tech tumble.
• And Now, The Climate Gang Is Coming For Our Thermostats. "The Biden administration’s decarbonization campaign poses a grave threat to the reliability of the nation’s electric system..."
• Woke Researchers Spin Mockery Of STEM/Trans Survey Into Laughable 'Online Fascism' Paper.
• America’s Mineral Strategy Is Missing American Mining.
• US Experiencing 'Crises Of Early Death' Unique To Wealthy Nations: Study.
• Meta Pushes Airhead Influencers Over Actual News As Priorities Shift.
• Here we go housing.
• Finally Time To Short The Homebuilders Because It Doesn't Get Any Better.
• Biden Admin Begs Employers To Pay For Health Insurance As 3.8 Million Americans Set To Lose Medicaid.
• Protests Against Israel's Judicial Reform Intensify, Netanyahu Hospitalized, Ahead Of Vote.
• Britain Faces A 'Trilemma', Needs To Raise Fertility Rate.
• Hunter Biden Expected To Face Up To 10 Criminal Referrals, Here Are The Top Bombshells From Last Week.
• Russia, NATO Positioned For Clash Over Black Sea Amid Putin's 'Blockade' On Ukraine.
• Understanding The Global Supply Of Water.
• Here's How Much The Most-Followed Instagram Accounts Earn On Posts.
• The World's Top 15 Economies Through Time (1980-2075).
• Lockheed Martin Predicts Strong Profits As Global Instability Rises.
• Goldman Trader: I Don't Know What Will Trigger The Next Market Shock, But When It Comes It Will Be When Liquidity Is Materially Lower.
• Biden Administration Rule Would Ban Nearly All Portable Gas-Powered Generators.
• "Summer Of Strikes": 650,000 American Workers Threaten To Walk Off Job.

Wall Street Journal:

• Dying Malls Stir Up Nostalgia—and Eager Bidders for the Decor.
• Hedge Funds Brawl Over Battered Commercial Real Estate.
• Why American Businesses Can’t Stop Asking for Tips.
• GOP Splits Over Jan. 6 Deepen as Trump Indictment Looms.
• Wokeness Hobbles Disney as It Faces the Streaming Challenge. When revenue is declining anyway, it doesn’t help to alienate half your audience with political posturing.
• At Startup That Says Its AI Writes Medical Records, Humans Do a Lot of the Work.
• U.S., Allies Hold Record-Setting Military Exercise in Australia in Message Aimed at China.
• Schools Sue Social-Media Platforms Over Alleged Harms to Students.
• How U.S. Drug Companies Could Tip Europe Into Recession.
• Big Pharma Bets Big on China.
• Commercial Trucks Are a Key Part of EV Adoption. What’s Holding Them Back?

CNBC:

• Spain votes in a major election that could bring the far right back to power.
• Adieu to ‘all the birds,’ Elon Musk says as he announces Twitter logo change.
• Top Wall Street analysts see solid potential in these five stocks.
• Warning labels in the U.S. seem to be everywhere. Here’s why they may be pointless.
• American Airlines boosts pilot contract offer by $1 billion after United deal.
• U.S. needs to go ‘further and faster’ to achieve climate goals, lawmakers say.

MarketWatch.com:

• China’s property woes offer a window into the demise of the country’s boom times.
• Chevron’s Q2 adjusted profit beats estimates on record Permian production; new CFO announced.
• With Microsoft, Meta and Alphabet earnings hanging on AI, more investors are asking: ‘How are you going to pay for that?’

NewsMax:

• Musk, Twitter CEO, Logo to Go, AI to Run Twitter.
  

Fox News:

• Education degrees plummet by 50% — signaling a grim future for America's once-top major
• Sheriffs brace for deadly fallout as 'America's most dangerous law' is slated to go into effect
• Left's favorite 'woke' initiative under serious threat after pivotal Supreme Court ruling.
  

TheGatewayPundit.com:

• The Total Number of Illegal Aliens Who Entered US Under Joe Biden Is More than the Population of 35 States.
• INSANITY: Biden Regime Proposes Ban on Sale of Portable Gas Generators, Raising Concerns for Power Outage Reliance.
• Top Democrat on Weaponization Subcommittee Argues Democrats Should Be Allowed to Define Truth in America (VIDEO).
• Illegal Alien Who Publicly Beheaded Girlfriend in Minnesota Found ‘Not Guilty’ Due to Mental Illness.
• Robert Kennedy Jr.: We Can’t Have a Democracy If We Don’t Have Freedom of Speech… “It Is Inevitable that If You Start Censoring Speech – It Is a License for Any Atrocity” (VIDEO).
• SoCal School Board Approves Books That Mention Gay Rights Activist Who Sexually Assaulted Minor Teens After Newsom Threatens to Crush Them with $1.5 Million Fine.
• Pro-Life Activists Attacked While Protesting Outside DC Planned Parenthood — Police Refuse to Charge Attackers, Despite Video.
• Joe Biden Is the Second Most UNPOPULAR President in Modern History – But He TOTALLY Got 81 Million Votes!
• MUST WATCH: CNBC Host Covers His Ears Amid “USA!” Chant on NYSE Floor as Conservative Marketplace Public Square Rings the Opening Bell.
• Cleveland Browns’ 32-Year-Old Wide Receiver Marquise Goodwin Diagnosed with Blood Clots in Legs and Lungs.
• Eight Important Facts – Not Opinions – That Totally Debunk the Human – Caused Global Warming Hypothesis.
• “Alvin Bragg Says Criminals Have More Rights Than You!” – NYC Police Union Blasts Bragg with Billboard Truck After He Indicts Cop (VIDEO).
•  llegal Immigrants in Chicago Demand Free Housing and Paid Job Training (VIDEO).
• San Francisco Businessman Says Homeless Problem is Far Worse Than Media is Reporting: ‘Honestly Shocking’.
• Elderly Lowe’s Worker Fired After Getting Repeatedly Punched in the Face Trying to Stop Thieves.
• Kentucky Nurses Required to Take ‘Implicit Bias’ Course on ‘Structural Racism’ and ‘White-Splaining’.

The Epoch Times:

• US Video-Sharing Platform Attacked by CCP Hackers During Live Falun Gong Parade.

Twitter:

• @EndWokeness - US Military Aims to Replace Human Commanders With AI to Remove Bias, Accelerate Decision Making on the Battlefield.
• @LawrenceSellin - Everything You Need To Know About The Biden Bribery Scandal. (video)
• @wesyang - Number of NYT Articles Mentioning 'Racism'. (graph) 

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 970,231 Reports(+988 from prior week) Through July 7th, 2023.

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.

Night Trading

• Asian indices are unch. to +.5% on average.
• Asia Ex-Japan Investment Grade CDS Index 110.5 unch.
  
• China Sovereign CDS 63.5 +.5 basis point.
• China Iron Ore Spot 112.9 USD/Metric Tonne -.67%.
  
• Bloomberg Emerging Markets Currency Index 43.3 -.01%.
• Bloomberg Global Risk-On/Risk Off Index 65.2 +1.3%.
• Bloomberg US Financial Conditions Index .42 -3.0 basis points. 
  
• Volatility Index(VIX) futures 15.7 +.6%. 
• Euro Stoxx 50 futures -.14%.
• S&P 500 futures -.04%.
• NASDAQ 100 futures +.09%.

Morning Preview Links

BOTTOM LINE: Asian indices are modestly higher, boosted by financial and industrial shares in the region. I expect US stocks to open modestly higher and weaken into the afternoon, finishing mixed.  The Portfolio is 50% net long heading into the week.

Today's Headlines

Bloomberg:

• Heat, War and Export Bans: Global Food Threats Are On the Rise. 
• Germany’s Far-Right Climbs to Record Support as Scholz Struggles.
• Altice’s Bad Week Is Hurting Junk Bond Investors Across Europe
• World’s Biggest Wind Power Projects Are in Crisis Just When World Needs Them Most.
• Extreme Heat Pushes US Airlines to Shed Fuel, Limit Passengers.
• Fed Readies Another Rate Hike in Pivotal Week for Central Banks.
• Embattled Treasury Bulls Look to Fed to Spur Long-Sought Rally
• Where Is the Bottom in Commercial Real Estate? Nobody Knows: Q&A.
• Rising Consumer Pain Triggers Wall Street Concern: Credit Weekly.
• Fed, Netflix Earnings Cast Clouds Over 2023’s Tech-Stock Surge.
• Tesla Starts Offering 84-Month Loans as Interest Rates Rise.
• California Looks Into the Future — and Sees Fewer Californians.
  

Zero Hedge:

• Hunter Biden Expected To Face Up To 10 Criminal Referrals, Here Are The Top Bombshells From Last Week
• Against SecDef's Wish, Diversity-Obsessed Biden Picks Woman To Lead Navy
• Yellow Loses Attempt To Stop Strike.
• Oakland Fails Women As Staggering Crime Surge Goes Unpunished. 
• Kennedy Schools Dems On Free Speech; "Shut Up!!!" They Explained...
• Concerns Raised Over Number Of Students Identifying As LGBT.
• EVs For All? If The Dream Was Met, Would It Help The Environment?
• Google Tests AI Tool To 'Help' Journalists Write News Articles.
• California Expands Travel Ban List Over Gender Ideology To Half The Country.
• 41 Percent Of Illegal Immigrant Group Biden Admin Released Into US Never Showed Up For Court Dates.
• Deflation While Food Prices Are Going Up? You Cannot Be Serious.
• China's PBoC Manipulates The Shanghai Exchange Gold Price.
• Germany's AfD Party Rises In The West, Hits Record 19% In Baden-Württemberg.
• Mental Health Round-Ups: The Next Phase Of The Government's War On Thought-Crimes.
• Does "Made In America" Still Matter To Consumers?
• The Navy And Diversity, Equity & Inclusion (DEI).
• Artificial Intelligence: The New Scapegoat.
• "Bidenomics" Has No Answer For Eviction Crisis... Or Much Else.

Wall Street Journal:

• Summer Rental Market Cools Off After Pandemic Boom.
• Why America’s Largest Tool Company Couldn’t Make a Wrench in America.
• Biden Goes All In on Bidenomics. Voters Aren’t Buying It.
• The Race to Avert an Oil Spill That Could Cost $20 Billion to Fix.
• Americans in Their Prime Flood Into the Job Market.
• What Elon Musk’s AI Startup Means for Tesla’s AI Ambitions.
• America’s Only Cobalt Mine Can’t Get Off the Ground.
• Rental Cars Are the New Airbnb.
• Ten Questions to Ask Yourself About the Transition to Renewables.

CNBC:

• Space Force raises the stakes as rocket companies compete for lucrative military missions.
• Oil markets to face ‘serious problems’ as demand from China and India ramps up, says IEF.
• American Airlines boosts pilot contract offer by $1 billion after United deal.
• Retail bets on zero day options are growing, but they may come at a price.

MarketWatch.com:

• These stock watchers nailed the market’s melt-up, but now they’re bracing for a fall. Here’s what to watch.
• A potential UPS strike looms. What’s in store for 24 million daily packages?

NewsMax:

• Georgia Gov. Kemp Contacted in Special Counsel Hunt for Trump Crime

Fox News:

• US women's soccer team's unpatriotic gestures as national anthem roars overseas.
• Former Obama strategist predicts another threat to Biden's re-election is going to 'sneak up on people'.
• SEE PICS: Massive multibillion-dollar theme park is coming to America's heartland.

TheGatewayPundit.com:

• LEAKED FOOTAGE: Retired Four-Star General McChrystal Claims Nord Stream Pipeline Bombing was Perpetrated by the United States.
• Missouri School Board Rescinds ‘Diversity, Equity and Inclusion’ Resolution Implemented During BLM Riots.
• Biden Regime Escalates War on American Consumers in the Name of ‘Climate Change’ — Announces New Scheme to Eliminate ‘Outdated’ Water Heaters.
• Joe Rogan Dives Deep into Epstein’s Bizarre Painting of Bill Clinton in Blue Dress: “I Got You B*tch… Holy Sh*t!” (VIDEO).
• Oregon Department of Corrections Ordered to Provide Taxpayer-Funded Sex-Change Treatments For ‘Transgender’ Pedophile.
• Miss Italy Bans Transgender Pageant Contestants, Owner Says ‘You Must Be a Woman From Birth’.
• “Scarf Lady” Dr. Deborah Birx is Now the New CEO of a Clinical-Stage Biotechnology Company.
• US Virgin Islands Versus JPMorgan Chase: Judge Allows Bank To Argue the Affirmative Defense That Territory Government Has ‘Unclean Hands’ Due to Its Own Jeffrey Epstein Ties.
• REVEALED: Biden Campaign had Plan to Send Alternate Electors if Needed in 2020 – Now They Are Suing Republicans for Doing the Same.
• Jason Aldean Delivers AMAZING Speech before He Sings “Try that in a Small Town” at Concert – CROWD GOES WILD (VIDEO).
• Idaho Town Will Pay $300,000 to Christians Arrested for Maskless Outdoor Service During Pandemic.
• Public Records Reveal Billionaire Financier Leon Black Paid $62M To Avoid Prosecution by US Virgin Islands Over Epstein Ties.
• Leaked Report Confirms Myocarditis Cases Spiked in US Military Following Forced COVID Shots – As Gateway Pundit Has been Reporting now for Over 2 Years.
• Trump Beating Biden By 18 Points Among Independents.
• IMPEACHABLE OFFENSE: THOUSANDS of Illegal Migrant Children Released Across the US with Tuberculosis.
• Corporate America Starting to Ditch Diversity, Equity and Inclusion Officers.

The Epoch Times:

• Vulnerabilities in Solar Panels Could Be Exposed by Chinese Hackers: Senator.

Twitter:

• @TheStormRedux - @IngrahamAngle begs Trump to stop talking about the 2020 election: “Please for the love of God, stop talking about 2020.” And this is why Fox News is losing viewers at a rapid rate. (video)
• @P_McCulloughMD - No wonder @moderna_tx refused to release their clinical development documents! It was a complete disaster. May be worse than
  @pfizer with vaccine deaths and complete lack of concern over subject safety.
• @HayekAndKeynes - Quote of the day “The combined market cap of eight tech-related stocks has surpassed the combined market cap of Energy, Materials, Industrials, Financials, and Real Estate.”
• @TrendSpider - $CRM Insiders at Salesforce have been cashing out like no ones business this month... Over $70,000,000 in shares sold so far.
• @lhfang - We have a severe pilot shortage delaying flights issues yet Congress just voted down an amendment for airlines to reinstate pilots who were fired or forced to resign because of vaccine mandates. Only one House Dem voted for it.
• @DonaldJTrumpJr - WATCH: President Trump calls for the Death Penalty for child traffickers. (video)
• @RWMaloneMD - BREAKING: Sen. Rand Paul (R-KY) says Dr. Fauci has officially been referred to DOJ this week for prosecution for repeatedly lying under oath during Congressional testimony.
• @nickgerli1 - Is another Mortgage Crisis brewing? Homebuyer Debt-to-Income Ratios (DTIs) are now approaching 40% in the beginning of 2023. That means homebuyers are now spending 40% of their gross income on mortgage and interest costs. Same level as 2006. (graph)
• @unusual_whales - Numerous individuals have donated to Biden's campaign. Check who at http://unusualwhales.com/politics.
• @IGSquawk - Weekend markets update: #DAX 16165 -0.04% #DOW 35190 -0.06% #NASDAQ 15422 -0.11% #FTSE 7670 -0.02% #HANGSENG 18923 -0.02% #GBPUSD 12854 +0.00% #EURUSD 11126 +0.01% #USDJPY 14182 +0.00%.

OpenVAERS:

• VAERS US COVID Vaccine Adverse Event Reports. 970,231 Reports(+988 from prior week) Through July 7th, 2023.

SKirsch.com:

• Using the MGH numbers with our own VAERS queries, we have 247 cases per million doses from the MGH study divided by 5.97 cases per million doses from VAERS. 247/5.97 = 41. This suggests that the VAERS under-reporting factor (URF) is 41X.