BARCLAYS says 85% of S&P 500 constituents beat Q2 earnings estimates, versus a 76% long-run average; revenues rose 11.2% YoY and EPS jumped 25.1%, led by large-cap tech. BARCLAYS adds that both beats and misses have triggered negative share-price reactions—an uncommon pattern that suggests investors had largely priced in the upside.

中國央行：今日開展465億元7天逆回購操作，投標量465億元，中標量465億元，操作利率爲1.40%，與此前持平。

Economists forecast 85,000 nonfarm payrolls in July after 57,000 in June—both well below levels in prior years. A shrinking labor supply means fewer jobs are needed to keep the unemployment rate stable, whether from tighter immigration enforcement or increased baby-boomer retirements. Comerica Bank chief economist Bill Adams says employers likely added modest jobs in July, keeping the unemployment rate roughly unchanged while the labor force participation rate edges up slightly from June's post‑pandemic low. Household survey gains may continue to lag payroll hiring; if that persists it would put downward pressure on the unemployment rate.