It’s a quiet day, but that’s good news for a market that is weathering an all-out blitz of hysteria on the news front (assumptions, not actual events).

After the close, Amazon (AMZN) reports earnings and it’s expected to be the first company to surpass Walmart (WMT) in quarterly revenue since 2012.

The stock has reacted well to earnings over the past six quarters, only declining once.

Meanwhile, we brace for the monthly jobs report tomorrow, which the Fed says it is no longer concerned about. I think it’s a mistake.  This morning jobless claims were higher than expected, but there are more serious red flags.

Job openings have plummeted, and jobs usually follow.

Watch out for major revisions as well.

I also find it curious the Street is suddenly worried about average hourly earnings.

If I’m right, the headline tomorrow will be more than two Fed rate cuts in 2025.