NewsWare’s Trade Talk: Tuesday, August 1

S&P Futures are starting off the month of August in the red. Weakening PMI data from China and Europe is creating a negative sentiment this morning. CAT &PFE reported better than expected earrings. BP & MRK missed estimates. This afternoon AMD, SBUX, ALL,& PINS are scheduled to release. Market will be focused on the ISM Manufacturing report due out this morning, In Europe, the major indexes are down on weaning retail sales data out of the U.K and disappointing PMI data in the E.U. Oil prices are lower as traders appear to be booking profits ahead of an uncertain demand outlook.