Stocks Rebound as Investors Focus on Earnings

Yesterday, equities demonstrated resilience, clawing back most of their early losses, and momentum has turned positive again overnight. In Asia-Pacific trading, both the Nikkei and the Hang Seng rallied by approximately 1.8%. In Europe today, the CAC is up 2.2%, the DAX is steady, and the FTSE is down 0.4%.

US index futures are up between 0.5% and 1.0%, with NASDAQ futures leading the advance. Concerns over trade tensions appear to be giving way to optimism surrounding earnings season. This morning, Bank of America ($1.06 versus Street $0.95, up 4.4% pre-market) and Morgan Stanley ($2.80 versus Street $2.10, up 4.5% pre-market) crushed expectations, boosted by strong investment banking and trading revenues. United Airlines reports after the close today.

Precious metals continue to reach new all-time highs. Gold is up 1.0%, trading above $4,200 per ounce, while Silver is up 1.6%, trading near $51.50 per ounce. In commodities, Crude Oil is up 0.8% but remains below $60.00 per barrel, while Copper is steady near $5.00 per pound.

US economic data releases have been limited this month, so the few private readings available may attract particular interest from traders. Today, the Empire State Manufacturing Index came in well above expectations (+10.7 versus Street -1.8).

Share:

Read More:

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.