On another quiet day for scheduled macro news, investors are watching anxiously for trade news. US talks with the European Union are the main focus. The two sides are to meet in the next few days in the runup to the Aug. 1 date when President Trump has threatened 30 percent tariffs will begin. Markets appear inclined to pursue the TACO trade but the risk remains for higher than expected tariffs and a bigger hit to growth.

In economic data, only the Richmond Fed manufacturing business report at 10 am ET is due. Quarterly earnings season is well under way with a heavy slate due today and Magnificent Seven earnings due on Wednesday and Thursday.

Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.

Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.