Mixed Markets Stagger Toward the US Long Weekend

Yesterday’s US market selloff which came despite a post earnings rally in Nvidia* carried through world markets overnight and into this morning. Following on from yesterday’s drops of 0.4% to 1.6% for major US indices on Thursday, the Hang Seng fell 1.4%, the Nikkei fell 1.2%, the Dax dropped 0.5% while the FTSE has fallen 0.4%.

A downturn in Canadian retail sales (-0.2% vs street flat) and a deep drop in UK retail sales (-2.7% vs street -0.4%) has not helped sentiment today. US durable good orders (+0.7%% vs street -0.8% and previous 2.6%.

The Friday before a long weekend in the US finds markets trying to stabilize. US index futures are up 0.1%-0.3%, while the 10-year US treasury note yield is steady near 4.50%. Metals have also stabilized with Silver up 0.9%, Gold up 0.2% and Copper flat. Crude Oil continues to struggle down 0.2%.

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

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