Traders,

Earnings season is underway and a slew of well-known established names reported this morning. Bank of America, Lockheed Martin, Prologis, Morgan Stanley, and Charles Schwab were among the names that reported. Matt will break down the numbers on the Halftime Report today but overall, a good set of numbers and a particularly positive market reaction in the financial sector. These early stages are like reading a book as the story unfolds as you wait for the exciting chapters to come. Netflix and Tesla coming up tomorrow.  

Verizon and AT&T had a rough day yesterday as AT&T hit its lowest level since 1993 and Verizon its lowest level since 2010. The Wall Street Journal said it found evidence of more than 2,000 lead-covered cables throughout the country. Analysts are worried about potential liability for the companies.

On other highlights, Goldman Sachs has decreased their odds for a U.S. economic recession occurring over the next 12 months from 25% to 20%. The bank cited the better-than-expected economic data and the main reason that the bank sees inflation coming down to acceptable level that will not require a recession. This has been one of the long-debated issues between bulls and bears for a long-time now with Goldman firmly putting themselves in the soft-landing camp.

Have a great day everyone!

Chart of the Day: Charles Schwab (SCHW)

Charles Schwab experiencing a very positive reaction post earnings. A very nice potential pattern that could develop here is to have price form a high-base, pause for several trading sessions, and have the short-term moving averages catch up to price. This would create a potential breakout level right underneath the 200-day moving average.

Today’s lineup

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