Morning Minutes 10/6/2020

Morning Minutes

Steady Markets Digest Monday Rally

October 6, 2020

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

US index futures are mixed this morning as investors digest Monday’s 1.7% to 2.4% gains for major US indices. Today, Dow Futures are up 0.3%, S&P futures are flat, and NASDAQ futures are down 0.25%. President Trump was discharged from hospital and returned to the White House overnight, so investors have turned their focus to continuing negotiations in Congress over fiscal stimulus, this afternoon’s speech from Fed Chair Powell and tomorrow night’s Vice-Presidential debate.

Overseas, the Dax is up 0.4% and the FTSE is up 0.1% this morning. WTI crude oil is up nearly 2.0% but still sitting just below $40.00/bbl. Copper is up 0.3% while gold and silver are steady.

For corporations, no news can be seen as good news, we’re in the heart of confession season and there have been no major profit warnings, neither negative nor positive. Earnings from Levi Strauss are due out after the close today.

In economic news, the forward-looking New Orders component of yesterday’s US ISM Non-Manufacturing PMI report came in above expectations (61.5 vs street 44.7 and previous 56.8) a positive economic sign. UK Construction PMI out this morning also beat the street (56.8 vs street 54.0). At ($67.1B) and ($2.45B) respectively, the US and Canadian trade deficits were both slightly worse than expected.

 

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