August 14, 2020
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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428
US index futures are mixed this morning, as are markets around the world in general today. Overnight has been pretty light for news, leaving investors to digest recent news and await new developments Dow futures are down 0.3% while NASDAQ futures are up 0.3%. European markets are down this morning with the FTSE falling 1.5%, the CAC down 1.7% and the Dax sliding 0.9% as the UK imposed new quarantine rules on travelers coming in from France and two other countries. Asia Pacific trading saw Shanghai rally 1.2% and Hong Kong fall 0.2%.
Underlying investor confidence still appears to be intact, however, with the S&P 500 sitting just below its all-time high, and precious metals still in retreat. Gold is down 0.6% this morning while Silver is down 3.1%. Commodity action has been mixed today with copper rallying 1.5% but crude oil slipping 0.2%.
US index futures have picked up a bit in response to the July US retail sales report that saw sales continue to rebound, but at a slower pace than June. Headline sales missed expectations (1.2% vs street 1.9%), but sales excluding autos beat expectations (1.9% vs street 1.3%). Canadian manufacturing sales for June rebounded 20.7% in June which was better than the 16.4% street estimate.
SIA Wealth In The Media
Chief Market Strategist Colin Cieszynski recently appeared on BNN Bloomberg, speaking about relative strength in equity markets and recent increases in Golden Crosses.
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