November 27, 2020
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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428
With the US Thanksgiving holiday over, some US investors return for a shortened session (NYSE and NASDAQ close at 1:00 pm EST), that historically has been relatively quiet. The only news of note overnight has been that due to some issues with its recent trial, AstraZeneca is planning a new clinical trial for its COVID vaccine at a lower dosage which has its shares down 2.0% premarket.
US index futures are up 0.2% to 0.4% this morning with Dow Futures still more than 100 points below the 30,000 barrier it breached once earlier this week. Overseas, the FTSE has fallen 0.4% but the Dax, Nikkei, and Hang Seng have posted gains of 0.2%-0.4%. Copper is soaring today with a 2.2% gain but crude oil is mixed with Brent up 0.6% and WTI down 0.9%. Gold is flat while silver is down 1.0%.
Itâ€™s a light day for news today but over the weekend and into Monday investors may look for Black Friday/Cyber Monday sales results for indications of consumersâ€™ willingness to spend amid current COVID and economic uncertainty, and whether spending has shifted more online this year. On Tuesday, December kicks off with Manufacturing PMI reports from around the world, the start of Canadian bank earnings week, and results from the OPEC+ meeting on whether to delay oil production increases currently scheduled for January.
Support Team SIA Motacular Moustaches This Movember
This month, in support of men’s health, SIA team members are participating in the Movember charity fund-raising campaign. Many of us know someone who has fallen ill to prostate or testicular cancer, mental illness or have passed away in recent years and are looking for a way to give back. The funds we help Movember raise will support life-changing services for mental health, innovative research, and scientific breakthroughs for cancer care. We know it has been a difficult year for everyone; if you are interested and able to support the cause this year, please click on the link below to access our teamâ€™s site. https://ca.movember.com/team/2383675
Best Regards, Jeremy Fehr and the Motacular Moustaches team.
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