August 17, 2020
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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428
Please note that Morning Minutes will not be issued August 18-21 and will return on Monday August 24th.
The new trading week is off to a positive start so far. US index futures are up 0.3% to 0.6% with the NASDAQ leading the way higher. Overseas, the Dax is up 0.3% and the FTSE is up 0.6%. Commodity action is mixed with copper up 1.1% and WTI crude oil down 0.2%. Gold and silver are on the rebound, rising 0.9% and 4.5% respectively.
Moving into the dog days of August, this weekâ€™s schedule for economic news is very light with Fed minutes on Thursday the only significant event. Earnings season is pretty much over in the US except for retailers, headlined by Walmart and Home Depot on Tuesday. Investors may look to retail results for signs of whether rebound momentum following reopenings has continued or stalled.
Political developments in the US may also influence sentiment this week. Election season gets underway with the Democrats holding their national convention starting today and running through Thursday (August 17-21). Meanwhile in Washington, the White House and Congress continue to battle over spending with the focus shifting from fiscal support to funding of the post office (and its potential impact on mail-in voting).
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