July 7, 2020
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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
+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 hasnâ€™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 yesterdayâ€™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.
SIA Wealth Update Webinar Wednesday July 8, 2:00 pm EDT
Join Jeremy Fehr, Ted Bader and Paul Vendrinsky of SIA Wealth Management for an update on the current market and how that relates to SIA Wealth Management portfolios. Webinar audio will be available through computer VoIP or dial in using your phone.
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