US: Canada: Trade War Likely To Continue Through US Midterms

• US equity indexes are trading higher early Monday, buoyed as crude prices retreated (WTI -4.7 at $79.97/bbl) after Pres Trump held off from new strikes on Iran over the weekend after Tehran and other Middle Eastern powers told him they’re working on an agreement that might quickly reopen the Strait of Hormuz.
• Socks pared gains around midday - soon after Iran denied the President's statement saying there were "2o new negotiations have been planned between the US and Iran."
• The DJIA marked a new record high of 53224.38 midmorning - scaled back to around 53000.0 early in the second half, SPX emini trades 7622.00 (off June 2 record high of 7686.00), the Nasdaq trades 25927 (off July 10 record high of 26284.91).
• IT and Industrial sector shares led advances: First Solar +12.35%, Coherent Corp +9.3%, while Oracle Corp, GoDaddy Inc and Axon Enterprise Inc gained 7-7.75%. Industrials were buoyed by Builders FirstSource Inc +8.25% and Vertiv Holdings +7.5%.
• Consumer Discretionary and Financials sector shares led declines: Marriott International and Fair Isaac Corp -6.7, Cboe Global Markets & eBay Inc -5.20% while Las Vegas Sands Corp retreated 4.0%.

US President Donald Trump is shortly due to hold a ceremony in the Oval Office to sign an Executive Order. The event, which is likely to include wide-ranging questions from reporters, will be livestreamed here.

• 40,000 TYU6 108.25/109.25 call spds, 27 ref 108-11.5
• Block: -40,000 TYU6 108.5/109.5 call spds, 22 vs. 108-12.5/0.30%