Stocks Consolidate Record Highs, Digest Earnings Reports

Coming off a day of gains that saw the Dow Industrials and the S&P 500 close at all-time highs, overnight trading has been mixed, The Nikkei climbed 0.2% while the Hang Seng fell 2.2% in Asia Pacific trading. In Europe this morning, the Dax is flat, the FTSE is up 0.5% and the CAC is down 0.5%. US index futures are flat to down 0.2% with the Dow holding above 40,000 and the S&P 500 trading near 5,300.

The US 10-year treasury note yield is steady near 4.24%. Three Fed officials, including Chair Powell, are speaking today. The US Dollar continues to climb, gaining 0.3%-0.5% against Gold, the Euro, Yen, Pound and Loonie. Cyyptocurrencies are slipping again with Bitcoin down 1.3% and Ether down 0.8%. Commodity action is mixed today with US Crude Oil up 0.2%, Natural Gas down 0.2% and Copper down 1.4%.

Last night three notable companies reported results which were better than expectations. The market reactions, however, were wildly different based on guidance. FedEx ($3.86 vs street $3.46) is up 10.9% premarket despite indicating a tough environment for business. In contrast, lululemon ($5.28 vs street $5.00), and Nike ($0.98 vs street $0.75) are down 13.0% and 6.1% premarket respectively after the athletic clothing producers both indicates sales were slowing and put out disappointing guidance.

Canada retail sales excluding autos came in significantly better than expected (+0.5% vs street -0.4%). UK retail sales fell less than feared. (-0.4% vs street -0.7%).

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.