August 13, 2020
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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428
US index futures are trading flat this morning as investors digest yesterdayâ€™s gains of 1.0% for the Dow, 1.4% for the S&P 500 and 2.1% for the NASDAQ. The S&P 500 closed at 3,380, a few points shy of its previous all-time high close of 3,386 back in February. Overseas, the Dax is down 0.2% while the FTSE is down 1.0%.
US weekly jobless claims were better than expected, falling below 1 million for the first time since March (963K vs street 1,120K). Continuing claims also continued to improve, (15.48M vs street 15.89M and previous 16.09M).
Overnight earnings and corporate announcements were mixed. Â Cisco Systems beat expectations ($0.80 vs street $0.74), while Lyft (-$0.86 vs street -$0.99) and luxury goods retailer Tapestry (-$0.25 vs street -$0.57) reported smaller than expected losses.
WTI and Brent crude oil are flat today, consolidating gains made earlier in the week. Larger than expected US weekly oil inventory drawdowns and a downward revision to the US EIA oil production forecast have been offset by a downward revision to OPECâ€™s oil demand forecast for this year.
Metals markets are mixed this morning with Silver bouncing back 0.9% but gold sliding 0.8%. Copper is under pressure today, falling 1.50%.
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