Stocks have paused their advance overnight to consolidate yesterday’s big gains. US index futures are currently flat to up 0.2%, coming off a day of 1.8% to 2.5% gains. In Europe this morning, the major indices are flat to down 0.2% and Asia Pacific indices were flat to down 0.5%, the Hang Seng taking the biggest blow.
Similarly in currency trading, Bitcoin is down 0.8%, while Gold is up 0.3%, partly reversing yesterday’s moves. US bonds and the US Dollar are quiet. Crude Oil is up 1.0%, while Copper is steady.
It’s a busy day for earnings news. Retailer Macy’s is up 4.1% premarket after beating the street on sales and earnings. Investors shrugged off Macy’s decision to cut its guidance for the year, which management attributed to slowing consumer spending. Nvidia reports after the close today.
Canada bank earnings week continues with two positive results from Bank of Montreal ($2.63 vs street $2.53), and National Bank ($2.86 vs street $2.40). BMO’s results were boosted by strong wealth management performance, but it also continued the trend of raising loan loss provisions. National’s results were boosted by the integration of Canadian Western Bank, which it recently acquired. Tomorrow brings numbers from Royal Bank and CIBC.