NewsWare’s Trade Talk: Wednesday, July 5

S&P Futures are trading lower this morning. Semiconductors and Cloud stocks are weaker due to heighten tensions between China and the U.S., Treasury Secretary Janet Yellen heads to China tomorrow. China's economic trajectory is in focus today as the Caixin PMI data came in lower than expected. This afternoon the Fed will be releasing the minutes from the June FOMC meeting. European indexes are lower and oil prices are pricing in the latest production news from the OPEC meeting against a weakening global economy.