Stocks Consolidate Index Moves To All-Time Highs

Amid the celebrations surrounding the Dow closing above 38,000 and the S&P 500 reaching a new all-time high yesterday, upward momentum for equity markets appears to be slowing. US index futures are trading between -0.1% and +0.2% this morning, consolidating the US index gains of the last three trading days, including an upward move of 0.2%-0.4% yesterday. Other bright spots include was a 2.0% catch up rally for the Russell 2000 yesterday and a 2.6% bounce for the Hang Seng overnight, shrugging off recent weakness. The Dax and FTSE are flat so far today.  

Earnings season resumes this morning with results out from companies across a broad range of sectors. Overall, the market response has been split between positive and negative. Stocks gaining this morning on earnings related news include: United Airlines, up 6.5% premarket, and Verizon, up 4.3% premarket. Johnson & Johnson and Procter & Gamble are basically holding steady after beating the street on earnings.

On the downside, several companies are retreating this morning following positive earnings results including: 3M, down 7.1% premarket, and General Electric*, down 1.5% premarket. After the close today, results are due from a number of companies including Netflix* and Texas Instruments.  

Cryptocurrencies are getting hammered this morning, with Bitcoin down 3.1% and Ethereum down 5.5%. Energy is also under pressure with US Crude Oil down 0.8% and Natural Gas down 1.0%. Metals are having a relatively better morning with Gold up 0.3% and Copper up 0.7%.

*Shares of Netflix and General Electric are held in portfolios managed by SIA Wealth Management.

SIA Wealth In The Media:

Chief Market Strategist Colin Cieszynski appeared on BNN Bloomberg recently where he spoke about earnings season, and relative strength trends between and within in market sectors.

Energy and materials seem to be weakening lately according to SIA wealth management

Terms and Conditions:


This information is for Investment Advisors only. The website is for informational purposes only and is not intended to provide a complete description of SIA Wealth Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Products and services of SIA Wealth Management are only offered in jurisdictions where they may be lawfully offered for sale. The information contained in this Website does not constitute an offer or solicitation by anyone to buy or sell any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada.

SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, Advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIA Wealth Management Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.