Daily Market Color July 18, 2016BoA Earnings and Economic Optimism Help Investors Look Past Geopolitical Concerns in Turkey US stocks are advancing marginally while Treasurys are selling off across the curve as strong corporate earnings and momentum from Friday’s robust US economic data overshadowed the failed coup attempt in Turkey over the weekend. Bank of America reported earnings this morning and became the latest US bank to beat expectations. The bank reported a 12% decline in net interest income, but strong performance from trading and general cost cutting helped the bank top Wall Street estimates. Goldman is set to report tomorrow followed by Morgan Stanley on Wednesday. There are no significant new US data releases today, so tomorrow’s various housing reports will be the first chance to build on the positive economic momentum from Friday, which featured upbeat results from retail sales, industrial production, and consumer prices. There are no scheduled Fed speakers today and none expected this week with the blackout period set to begin on Wednesday ahead of next week’s FOMC meeting. As such, earnings season is expected to remain a major focus for the market this week. All three major US stock indexes are currently up between 0.10% and 0.50%, while Treasury yields and swap rates are 2-4 bps higher across all major maturities. Both WTI and Brent crude are trading down close to 2%.