Morning Minutes 7/3/2020

Morning Minutes

Markets Backslide In Light US Holiday Trading

July 3, 2020

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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

With US markets closed for a holiday today, the upward momentum boost from yesterday’s stronger than expected US nonfarm payrolls report has faded a bit even though Service PMI reports out of Europe, which generally beat expectations and came in either above or close to the 50 expansion/contraction line, have continued this week’s parade of positive economic news.

Today’s European trading finds markets in moderate retreat ahead of the weekend with the Dax down 0.6% and the FTSE down 1.4%. Morning trading ahead of their early close finds US index futures down 0.1% to 0.3%, giving back some of yesterday’s 0.3% to 0.5% gain in what looks like normal consolidation of gains made earlier in the week. Commodity prices are also giving back some of their recent gains with copper, WTI and Brent crude oil all down about 1.2% with WTI still managing to hold above $40.00/bbl.

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