Morning Minutes 9/22/2020

Morning Minutes

NASDAQ Futures Climb in Mixed Market Trading

September 22, 2020

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

Coming off of Monday’s global market selloff, trading has been very mixed overnight and into this morning. Building on a late day rebound in US technology stocks which saw the NASDAQ finish Monday down only 0.1% compared with a 1.1% loss for the S&P 500, NASDAQ futures are up 0.4% this morning while Dow futures are down 0.2%. Overseas, European markets are bouncing back with the Dax up 0.8% and the FTSE up 0.4%. Asia Pacific markets were mixed as Shanghai fell 1.3% but Tokyo climbed 0.2%.

Commodity and currency trading is also mixed today. WTI and Brent crude oil are both up about 0.1% with WTI sitting just below $40.00/bbl. Copper is up 1.6% today. The US Dollar is steady relative to Gold, the Canadian Dollar, the British Pound, and the Japanese Yen. The greenback continues to climb relative to the Euro (0.2%), and Silver (0.6%).

It’s a relatively quiet day for economic and corporate news leaving investors to continue digesting the developments of recent days including rising coronavirus cases, the possibility of new restrictions in some places, US political uncertainty (supreme court, election and stimulus battles) and other factors.

Today’s main event is the start of three days of testimony to Congress for US Fed Chair Powell, who may continue to walk the fine line between talking up the economy and confirming Fed monetary support without hitting the panic button.  US Existing home sales are out at 10:00 am.

Tonight’s retail sales report for Australia and the meeting of the Reserve Bank of New Zealand may provide some insight for investors and a potential sign of things to come as those two countries have been dealing with a winter second wave and renewed restrictions for some time now.

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