*** ALL THINGS MONEY >>>> ATM ***

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Here's why Amazon, Facebook and the gang are not going to take down this market

MARKETWATCH 9:23 AM ET 7/25/2017

Critical information ahead of the U.S. trading day

The earnings geyser is primed to gush out some big tech reports, after Tuesday's run of household names gets out of the way.

So far, Dow futures are up in triple digits, helped by Caterpillar for starters. Tech stocks are showing a bit of hesitation, after Google-parent Alphabet's results raised some eyebrows (http://www.marketwatch.com/story/alphabets- latest-quarter-looks-tacky-due-to-google-parents-traffic-acquisition-costs-2017-07-25). There are fears out there the larger market could get a sock in the jaw if we don't get some blockbuster results from techs.

(https://twitter.com/jimcramer/status/889756258269634560)

Those results mark the start of a busy few days for big tech names, with Facebook (FB) due to roll out earnings Wednesday, Amazon (AMZN) on Thursday and Apple (AAPL) early next week. Who wouldn't be nervous ahead of that lineup?

But our call of the day from The Reformed Broker blog's Josh Brown argues the upward trend for stocks is stronger than those tech heavyweights.

"There is enough happening under the surface in terms of rotation so that an off-quarter from an Amazon or Microsoft or whatever, is not going to end the bigger trend," he says.

He says it's important to note that weak stocks keep weaker, with investors selling Chipotle shares and retailers, for example. "People are deciding: this is where I want to be this is where I don't."

"I just don't think these four names, we need to obsess over them to the degree that we do," he told CNBC on Monday (http://thereformedbroker.com/2017/07/24/clips-from-todays-halftime-report-439/), in a swipe at the frenzy over FANG stocks -- Facebook, Amazon, Nextflix, Google

The last word goes to Seabreeze Partners manager Doug Kass, who had this to say about Alphabet's results in emailed comments last night:

"Every smart large hedge fund I know is long Google because they want FANG exposure and they believe it is the cheapest one of the bunch. Ergo, over owned and who is left to buy?"

Key market gauges

Brown's theory may just hold up. Futures for the Dow are up in double digits, largely due to and the S&P 500 are indicating some nice gains to the start, while Nasdaq futures are modestly up. The major indexes closed mostly weaker on Monday (http://www.marketwatch.com/story/us-stocks-poised-for-soft-start-after-imf-cuts-growth-forecast-2017-07-24), with the exception of the Nasdaq Composite , which ended at a record.

A steadier dollar helped Asian stocks mostly recover. Europe is trekking higher (http://www.marketwatch.com/story/ european-stocks-march-higher-as-german-businesses-take-euphoric-tone-2017-07-25) in a sizable way.

Oil is busting higher with post-OPEC gains (http://www.marketwatch.com/story/oil-continues-to-gain-as-opec-raises- hopes-of-market-rebalancing-2017-07-25). Gold is off, while copper is rising on Chinese demand (http:// www.marketwatch.com/story/copper-prices-climb-on-chinese-economic-data-2017-07-25) cheer. Bitcoin is taking a hit today, along with ethereum.

See the latest in Market Snapshot (http://www.marketwatch.com/story/sp-futures-fight-for-direction-as-alphabet-sets- downbeat-tone-2017-07-25).

Earnings

The earnings are coming in thick and fast this morning: Caterpillar (http://www.marketwatch.com/story/caterpillars- stock-leads-dow-gainers-after-analyst-upgrade-2017-07-24)(CAT) is well up after lifting guidance. Others reporting include DuPont (http://www.marketwatch.com/story/dupont-quarterly-earnings-sales-outstrip-expectations-2017-07-25)(DD) , Eli Lilly (http://www.marketwatch.com/story/eli-lilly-beats-profit-and-sales-expectations-nda-for-ra-treatment-to-be- delayed-2017-07-25)(LLY) , Biogen (http://www.marketwatch.com/story/biogen-stock-surges-nearly-6-on-q2-profit-revenue- beats-2017-07-25http:/www.marketwatch.com/story/biogen-stock-surges-nearly-6-on-q2-profit-revenue-beats-2017-07- 25)(BIIB) , United Tech (http://www.marketwatch.com/story/united-technologies-beats-guides-higher-2017-07-25)(UTX) , 3M (MMM) , GM (http://www.marketwatch.com/story/gms-profit-falls-on-sale-of-europe-business-2017-07-25)(GM) and McDonald's (http://www.marketwatch.com/story/mcdonalds-shares-rise-after-earnings-revenue-beat-estimates-2017-07-25)(MCD) , to name a few.

After the close, Chipotle (CMG) , AT&T (T) , AMD (AMD) , United Steel (X) and Amgen (AMGN) are expected to report.

As Alphabet (GOOGL) shares fall, one complaint is that investors still didn't get a breakdown of YouTube results (http://www.marketwatch.com/story/alphabet-earnings-keep-google-investors-in-dark-2017-07-24).

Facebook is reporting tomorrow. Here's a preview (http://www.marketwatch.com/story/facebook-earnings-after-a-sudden- change-instagram-is-in-focus-2017-07-24).

Check out:What the solar eclipse will mean for stocks (http://www.marketwatch.com/story/what-the-solar-eclipse-on- aug-21-will-mean-for-stocks-2017-07-25)

The chart

Google spent $5.9 million on lobbying D.C. lawmakers in the second quarter of this year, according to documents highlighted by Statista (https://www.statista.com/chart/10393/lobbying-expenditure-of-tech-companies/). That's ahead of Amazon at $3.2 million, Facebook at $2.4 million and Apple trailing at $2.2 million. (h/t ZeroHedge (http:// www.zerohedge.com/news/2017-07-24/google-biggest-lobbying-spender-tech)).

The buzz

Michael Kors (KORS) is buying swank shoemaker Jimmy Choo (http://www.marketwatch.com/story/michael-kors-to-buy- shoemaker-jimmy-choo-in-12-billion-deal-2017-07-25-2915839) for $1.2 billion.

The CFTC approved New York-based LedgerX (http://www.marketwatch.com/story/bitcoin-platform-scores-key-greenlight- from-wall-street-regulator-2017-07-24) to provide clearing services for options and derivatives pegged to the cryptocurrency market -- a regulatory approval that could potentially expand trading in cybercurrencies like bitcoin.

TechnipFMC (FTI.FR) is off 8% premarket after the provider of oilfield services provider said it would restate some prior results.

Barnes & Noble (BKS) is soaring (http://www.marketwatch.com/story/barnes-noble-shares-rocket-14-premarket-after- activist-shareholder-urges-sale-2017-07-25)after an activist shareholder is urging a sale.

Trend-following Larry Tentarelli (https://twitter.com/LMT978) (voted second-most helpful trader (http:// www.newtraderu.com/2017/01/01/helpful-trader-twitter-2016-poll-results/) on Twitter in 2016) says a golden cross is brewing for Valeant (VRX.T) (see chart below). That technical move occurs when the 50-day simple moving average breaks above the longer-term 200-day moving average. In emailed comment, he argues that VRX has sold off a lot, making the reward-to-risk favorable.

Case-Shiller house prices (http://www.marketwatch.com/story/home-price-growth-stays-strong-and-the-west-is-still-the- best-case-shiller-says-2017-07-25) came in pretty strong. Consumer confidence data is coming at 10 a.m. Eastern.

The Federal Reserve's two-day policy meeting begins today, but don't expect any big changes yet (http:// www.marketwatch.com/story/no-retreat-fed-to-stick-to-plans-for-rate-hike-balance-sheet-selloff-this-year-2017-07-24).

Read:As GDP will show, the economy is still on the same track (http://www.marketwatch.com/story/as-gdp-will-show-us- economy-on-same-track-2017-07-23).

The quote

"Who the hell wants to speak about politics when I'm in front of the Boy Scouts." -- That was President Donald Trump addressing thousands of those youngsters (http://www.marketwatch.com/story/trump-jams-with-the-boy-scouts-but-cant- decamp-from-politics-2017-07-24) at the National Scout Jamboree in West Virginia on Monday.

Trump then proceeded to talk about health care votes, the "swamp" and his election victory. He got the young crowd them to chant for him and then regaled them with a rambling and slightly risqué anecdote about builder William Levitt and his "big yacht."

Across social media, from the Boy Scout's Facebook page (https://www.facebook.com/theboyscoutsofamerica/) and elsewhere, reaction has been pretty strong (http://www.marketwatch.com/story/trump-hammered-on-twitter-over-the-tenor- of-his-address-to-boy-scouts-2017-07-25):

(https://twitter.com/BCAppelbaum/status/889666454873833472)

(https://twitter.com/hondo750/status/889636562375503872)

The stat

No. 1: Apple -- Shares of the iPhone maker topped the list of most-held stocks by investors using fee-free trading app Robinhood (https://www.robinhood.com/), which is popular with millennials. It ousted AMD, which falls to second place. The tech love seems to be going pretty strong, judging by the rest of that list.

2. Advanced Micro Devices (AMD)

3. Snapchat parent Snap (SNAP)

4. Ford (F)

5. Tesla (TSLA)

6. Facebook

7. Microsoft (MSFT)

8. GoPro (GPRO)

9. Fitbit (FIT)

10. Twitter (TWTR)

Random reads

Oklahoma teacher stands near busy road to raise money for classroom supplies (http://edition.cnn.com/videos/cnnmoney/ 2017/07/24/tulsa-oklahoma-teacher-raises-money-for-classroom-on-roadside-orig-trnd-lab.cnn/video/playlists/stories- worth-watching/)

Tech company gets workers to implant chips in their hands (http://abcnews.go.com/Technology/tech-company-workers- agree-microchips-implanted-hands/story?id=48818529)

Manhunt still on for Swedish chainsaw attacker (http://www.businessinsider.com/switzerland-chainsaw-attack-franz- wrousis-manhunt-2017-7)

Airlines are cracking down on comic books ()?

HIV-infected South African child in remission for eight years, without drugs (http://wgntv.com/2017/07/24/child-hiv- infection-seems-under-control-without-aids-drugs/)

(http://abcnews.go.com/Technology/wireStory/teenage-driver-livestreams-crash-killed-sister-48829211)Dietary supplement that's been sending kids to the hospital (http://www.nbcnews.com/health/kids-health/popular-herbal- supplement-may-be-harmful-kids-n786106)

Florida petitions to replace confederate statue with Snooty the Manatee (https://www.change.org/p/mayor-of-city-of- bradenton-replace-confederate-monument-with-statue-of-snooty-the-manatee/naftaExp1/FB_share_copy_2?recruiter= 594080579&utm_source=share_petition&utm_medium=facebook&utm_campaign=share_for_starters_page&utm_content=nafta_share_ post_copy_en_5%3AFB_share_copy_2)

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