Two storms will hit the market before the open today

Overnight, the President told the NATO summit in Ankara that the ceasefire with Iran is "over," and the tape reacted the way it always does when the Strait of Hormuz is back in the headlines... oil up, stocks down, safety bid returning. Plus you have this afternoon's Fed minutes..

Where Futures Sit

Stock futures turned sharply lower after the Ankara comments crossed.

Macro Pulse
Dow futures were down roughly 705 points, or about 1.3 percent, with S&P 500 futures off around 1 percent and Nasdaq 100 futures lower as well. This is a headline-driven move, not an earnings move.

This afternoon: minutes from the Fed's June meeting, the first under Chair Kevin Warsh. Warsh was notably sparing in his post-meeting comments, so the minutes carry more weight than usual and the Street is bracing for a hawkish tone.

Stock to Watch: Enterprise Products Partners (EPD)
Enterprise Products Partners runs one of the largest midstream networks in the country... pipelines, storage, and export terminals for natural gas, natural gas liquids, crude, and refined products. Picture a highway operator who collects a fee on every vehicle regardless of what each driver paid for gas that day.

Enterprise gets paid largely on the volume that moves through its system, which softens its exposure to the daily swing in the oil price that is driving today's headlines.

It has raised its distribution for 28 consecutive years, across recessions, oil crashes, and a pandemic, and its most recent quarter covered that distribution roughly 1.8 times over from cash flow.

The yield sits near 6 percent. That combination... a long payout-growth streak, real coverage behind it, and a fee-based model...

Here's my scan of EPD using TheStockAnalyzer.ai

(FYI, I built TheStockAnalyzer.ai for my own use, and it's free for everyone)

Best

-Greg