Morning Minutes 7/7/2020

Morning Minutes

Markets Digest Monday Rally

July 7, 2020

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

After climbing to start the week and a record high for the NASDAQ, world markets have been giving back some of their gains overnight in what so far appears to be normal backing and filling. There hasn’t been much in the way of new news except for some companies getting funding to advance COVID-19 vaccine/treatment testing, leaving investors to digest the developments of recent days while awaiting the start or earnings season next week.

Dow futures are down about 215 points or 0.8%, giving back some of yesterday’s 459-point, 1.8% gain. NASDAQ futures are down about 30 points or 0.3% after gaining 226 points or 2.2% yesterday. Over in Europe today, the Dax is down 1.1% and the FTSE is down 0.3%. Asia Pacific trading saw Shanghai climb another 0.3% while Hong Kong fell 1.4%. Sydney held steady after the RBA held Australian interest rates steady.

Commodities are down slightly today with copper falling 0.5%. WTI crude oil is down 0.4% but still holding above $40.00/bbl. Oil could be active later today and tomorrow around the US API and DOE weekly oil inventory reports.

 

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