Since the mega-tech earnings reports are finished, Big Media is looking in all the wrong places for where markets will go next.
For example, rumors swirled over the weekend that the White House would impose additional restrictions on Chinese tech firms. So headlines this morning are all about that.
But the measures taken this morning are just clarifying the existing rules. They’ll make it harder for Huawei to go around restrictions, nothing more.
Other sources of headline risk we’re supposed to be worried about affecting the market include the Covid-19 pandemic, other parts of the new China Cold War, or the Democratic National Convention (DNC) that’s starting today.
But really, all that’s baked in. Each party always gets a boost in ratings just after their convention, and traders know what Biden’s running on, and who his VP pick is. There’ll be no surprises here.