US Indices Pause Near All-Time Highs; Cryptocurrencies Rally

The morning after the NASDAQ rallied to a new all-time high and shortly after the Dow Industrials reached 40,000 for the first time, major US indices appear to have stopped for a rest, with US index futures trading flat this morning. Overseas markets had a tough night with the Hang Seng sliding 2.1%, the Dax dropping 0.5%, and the FTSE falling 0.4%. The US 10-year treasury note yield is steady just above 4.40%, ahead of seven Fed officials speaking today.

It’s a very mixed day for commodity prices with US crude oil falling 1.7%, and Copper climbing 1.2%. Gold is down 0.6%, while Silver is down 1.5%. The big trading story of the day is a 12.4% rally for Ether on anticipation it could get an ETF as well which would potentially open up the market to more mainstream investors. Bitcoin is up 2.1% as well.

Canada consumer prices improve in line with expectations, (2.7% vs previous 2.9%), indicating inflation pressures continue to ease.The Reserve Bank of New Zealand meets tonight with no change to their benchmark rate expected. Thursday brings flash PMI reports from around the world, the first peek at economic conditions in May.

Earnings season for US retailers resumes this morning with Lowes ($3.06 vs street $2.95), and Macy’s ($0.27 vs street $0.16, up 4.1% premarket) beating expectations. The main earnings event for this week is Nvidia* who reports results after the close on Wednesday.

*Shares of Nvidia are held in portfolios managed by SIA Wealth Management.

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