December 24, 2020
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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428
Itâ€™s a short day for trading today with North American markets set to close at 1:00 pm. Santa Claus brought a new all-time high and a breakout over the 2,000 barrier for the Russell 2000 yesterday confirming a broad-based bull market continues. This morning, US index futures are up 0.1% as markets shake off yesterdayâ€™s late day drop which pushed the NASDAQ to a 0.3% loss and held the Dow Industrials to a 0.3% gain.
Investors continue to look for confirmation that a US spending/COVID fiscal support deal and a UK/EU trade deal may be completed by the end of the year. Across the pond, the Dax is up 1.3% while the FTSE is steady and the British Pound is up 0.6%. Currencies and precious metals are flat but in commodity markets, there has been a bit of weakness in the energy group with WTI and Brent Crude oil falling 1.0% and Natural Gas dropping 1.9%.
Needless to say itâ€™s pretty quiet on the corporate news front with the exception of China-based online merchants which have been reeling from reports that the Chinese government is launching an antitrust investigation into Alibaba. Alibaba is down 8.3% in premarket trading, while JD.com is down 3.7% and Pinduoduo is down 2.5%.
We wish everyone a happy and safe Christmas. The Morning Minutes will return on Tuesday December 29th.
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