US stocks continue their rally this morning with Dow Futures up 0.3% and NASDAQ futures up 1.2%. Positive sentiment has been reinforced by Nvidia, which is up 5.4% premarket, beating the Street on earnings ($0.81 vs Street $0.74), and the news that the US Court of International Trade has struck down President Trump’s reciprocal tariff program.
Bitcoin is up 1.25%, confirming strong investor confidence and growing risk appetite. Commodities are climbing with Crude Oil up 0.4% and Copper up 1.4% suggesting investors think the tariff news could be good for the world economy and resource demand.
It’s not all sunshine and rainbows, however. Gold is up 0.4% today and Silver is up 1.25%, suggesting some investors remain cautious. European markets are not really participating in the rally either with the FTSE and Dax only up 0.1%.
Today’s Canadian bank earnings are mixed. CIBC beat the Street ($2.05 vs Street $1.88) while RBC disappointed ($3.13 vs Street $3.18). Capital markets and wealth management helped to drive results, but the banks also joined several of their peers in raising loan loss provisions. Costco reports results after the close today.
The US Q1 GDP revision was slightly better than expected but remained negative (-0.2% vs Street -0.1%). Later today, three Fed officials are speaking.