Trade Developments and Earnings Drive Market Action Today

New and continuing developments related to tariffs, trade, and sanctions appear to be having a significant impact on the markets. With new sanctions against Russia and Russian energy companies taking hold, Crude Oil is up another 1.00% today, trading near $62.50/bbl.

Last night, in response to an advertisement critical of tariffs, President Trump has stopped all trade talks between the US and Canada. The US Dollar is up 0.25% against the Loonie this morning. The greenback rally has put precious metals under pressure again today with Gold, Silver and Platinum falling 1.6%-2.0%. Despite crushing estimates ($1.71 vs Street $1.44), Newmont Mining is down 6.2% premarket, suggesting the potential for stocks of gold producers to be impacted as well.

Canadian index futures are flat this morning, lagging gains of 0.2%-0.5% for US index futures. European markets are quiet today with the DAX and FTSE both essentially flat. Asia Pacific trading saw the Nikkei gain 1.4% and the Hang Seng climb 0.7%

Coming off another round of positive earnings reports overnight and into this morning, Intel* ($0.23 vs Street $0.02) is trading up 7.6% in premarket action. Ford Motor and Proctor & Gamble are both up about 3.6%, and US railroads Union Pacific and Norfolk Southern are close to flat.

Flash PMI reports have been rolling overnight. Japan was weaker than expected, while Europe and UK numbers have been stronger than expected. US flash Manufacturing PMI (Street 52.0) and US flash Services PMI (Street 53.5) are due at 9:45 am EDT today. The delayed US consumer price index report showed inflation still contained (3.0% vs Street 3.1%).

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

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