Stock markets around the globe are mixed with very little in the way of new headlines. Yesterday’s GDP data for the U.S. showed the nation’s economy expanded at a 2.3% annualized rate in the second quarter, which was a touch below most analyst expectations. Commodities again feel under pressure as gold looks poised to retest multi-year lows on reports of “China’s H1 gold consumption plunging 19% on year”. Oil is also under pressure on morning headlines about record exports from China, Iran and Iraq. Here at home today the EIA releases its monthly Petroleum Supply report, which covers May activity. U.S. crude production hit a 44-year high in April of 9.7 million barrels per day. In their last update, they forecasted U.S. production would drop by 50,000 barrels per day in May and continue tapering off in the last half of the year. Obviously the trade will be anxious to see signs of this actually occurring. Remember, U.S. crude inventories are now estimated to be some 35% or 125 million barrels (plus) above the long-term 30-year average for this time of year. We also get the latest Baker Hughes rig count data this afternoon, along with energy companies like Exxon, Phillips 66, and Chevron reporting earnings. Also out today is the second-quarter Employment Cost Index, a closely watched indicator of potential inflation. Consensus is for an increase of +0.6%. Obviously, a big gain here would increase expectations for the Fed to raise rates in September or December. Looking to next week, investors are very anxious to see the July Employment Report which is due out next Friday. This is the first of just two monthly employment reports before the Fed’s next meeting in September. Other economic data next week includes: Personal Income and Outlays, PMI Manufacturing and Construction Spending on Monday; Factory Orders Tuesday; International Trade Wednesday. It will also be another busy week for earnings. Most of the major bellwethers have already weighed in but there are a lot of energy and biotech results still ahead. Also be aware that China weighs in over the weekend with Manufacturing data, which comes ahead of key trade data next Friday.