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Equity Storm Watch Is YELLOW on the S&P 500 and GREEN on the Russell 2000

Futures are under pressure to kick off Wednesday, with the Nasdaq down nearly 1% this morning after less than stellar earnings from tech leaders Alphabet (GOOG) and Tesla (TSLA). Alphabet exceeded forecasts but fell short on YouTube revenue, as the company struggles with digital ad growth. Tesla’s profits also dipped, affected by aggressive price cuts that hurt the bottom line, causing a nearly 9% drop in pre-market trading.

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Dear Fellow Expat: 

All major indices are trending lower this morning as the heavy concentration of these names weighs on the rest of the market, stirring investor uncertainty and driving interest towards safer bets. Yesterday's auction of $69 billion in 2-year Treasury notes saw surprisingly strong demand, with yields falling to 4.43% as bond traders begin positioning ahead of a potential September rate cut. Today, the Treasury will auction another $70 billion in 5-year notes.

In the commo…