World markets are mixed this morning, with U.S. stock futures and European markets slightly negative while Asian markets remain flat. The uneventful morning is in stark contrast to the ongoing turmoil in Washington among Congressional leaders on how to reduce the deficit and raise the debt ceiling.

The prospect of a U.S. bond ratings downgrade -- from AAA to AA -- increases everyday that U.S. lawmakers stumble towards the August 2nd deadline without an agreement, as it becomes harder to strike a comprehensive deal on deficit reduction. U.S. dollar weakness sends the

SPDR Gold Trust ETF

(GLD) - Get Report

to new highs again.

Earnings remain a focus for investors with

Amazon

(AMZN) - Get Report

becoming the latest large-cap technology stock to post strong earnings -- the company is up 5% after the announcement. This continues the overall strength in tech group with

Google

(GOOG) - Get Report

and

Apple

(AAPL) - Get Report

grinding higher since their blowout earnings.

Emerging market stocks like

Youku

(YOKU)

,

Sohu

(SOHU) - Get Report

and

Yandex

(YNDX) - Get Report

rallied yesterday behind strong earnings report from

Baidu

(BIDU) - Get Report

.

Banking stocks continue to demonstrate relative strength led by

Morgan Stanley

(MS) - Get Report

and

Goldman Sachs

(GS) - Get Report

, while

Wells Fargo

(WFC) - Get Report

appears poised to make a move higher. Credit card names like

Visa

(V) - Get Report

and

MasterCard

(MA) - Get Report

remain in high level consolidation patterns after big moves in late June.

Speaking of big moves,

Molycorp

(MCP)

gained 20% in the last week after finding technical support around $51 last week, just above the stock's 200-day moving average.

Traders will be focused on the

Dunkin' Brands

(DNKN) - Get Report

IPO today, with

McDonald's

(MCD) - Get Report

and

Starbucks

(SBUX) - Get Report

likely to garner some attention as well. Meanwhile, investors will look to

Aetna

(AET)

,

Boeing

(BA) - Get Report

and

Dow Chemicals

(DOW) - Get Report

all up over 2% in pre-market trading after reporting earnings before the open.

Disclosures: Scott Redler is long BAC, JPM, YNDX, SPY, SLV, MS, MCP, FXE, DANG, AAPL, V

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.