The German indices seem to be with nailed down and are not able to profit on the front-running in the U.S. The DAX is stuck at the moving average of 12’640 points and the MDAX is floating around the 25’124 point mark. The main catalyst for the cooling down on the European markets (CAC 40 +0,01%) is the strong rise of the European currency.

In the U.S. equities put in a choppy session yesterday, but ultimately made some progress. At the close of trading, the Dow Jones Industrial Average was ahead 21 points; the S&P 500 Index was up five points; and the technology-heavy NASDAQ was higher by 13 points. Market breadth was supportive, as advancers outpaced decliners by a modest margin on the NYSE. Most of the major equity groups pressed ahead, with respectable gains in the financial and energy names. In contrast, the utility and industrial issues were areas of weakness. Meanwhile, traders received a few economic reports. Specifically, the Producer Price Index (PPI) rose 0.1% in the month of June. Analysts had been looking for a somewhat tamer reading, but inflationary pressures still are not likely a concern. Elsewhere, initial jobless claims came in at 247,000 for the week of July 8th, which was in line with expectations. Tomorrow we will get look at the Consumer Price index (CPI) for the month of June. Retail sales and the latest monthly industrial production figures also will be released. Today we will hear from quite a few big banks, including JPMorgan Chase, Wells Fargo and Citigroup. JP Morgan Chase crashed Wall Street estimates with adjusted earnings per share of $1.71 versus $1.58 estimated by Thomson Reuters analysts’ consensus. JP revenues was 26.41 billion USD versus a 24.96 billion USD estimate. The bank lowered its net interest income forecast for the year by about half a billion dollars to a $4 billion increase from the prior year. JPMorgan’s Chief Financial Officer Marianne Lake said on the firm’s conference call that the majority of that reduction came from lower-than-expected net interest income in the second quarter. Citigroup reported a 1,28 USD EPS and Revenue of 17,9 billion USD. Citigroup also stated that its fixed income markets revenue totaled $3.215 billion, down from $3.432 billion in the prior-year period and down from $3.622 billion in the first quarter of this year. These reports signal that the second-quarter earnings season is underway. Traders will, no doubt, be looking carefully at the numerous reports being released over the coming weeks. Of ultimate importance will be the guidance that companies offer for the remainder of the year.

Fiat Chrysler Automobiles said today it is recalling 1.33 million vehicles worldwide in two separate campaigns for potential fire risks and inadvertent airbag deployments. The Italian-American automaker said it is recalling about 770,000 sport utility vehicles because of a wiring issue that may lead to inadvertent deployment of the driver-side air bag and is linked to reports of five related minor injuries, but no crashes.The recall covers 538,000 2011-2015 Dodge Journey vehicles in North America and 233,000 2011-2015 Fiat Freemont crossovers sold elsewhere. The automaker is also recalling 565,000 vehicles to replace their alternators because of fire risks. The company said hot ambient temperatures could lead to premature diode wear, may result in a burning odor or smoke, could impact the anti-lock braking system or lead to engine stalls.

Today’s economic calendar:

CPI Retail Sales Industrial Production Consumer Sentiment