Stocks Rally and Gold Retreats as a Busy Week for Market News Kicks Off

The new trading week is off to a positive start so far, with equity bulls responding to reports over the weekend that the US and China have made progress in their trade talks, particularly around China’s exports of rare earths. Trade deals with other Asian countries have also been in the news around the ASEAN summit.

With investor fears fading and confidence improving, Asia Pacific markets rallied overnight, including gains of 2.5% for the Nikkei and 1.1% for the Hang Seng. In the US today, NASDAQ futures are up 1.3% and Dow futures are up 0.5%. Europe is quiet with the DAX and FTSE trading flat to slightly positive. China sensitive Copper is up 0.6%, while Bitcoin, which can sometimes be seen as a proxy for bullish sentiment in general, is up 1.4%. 

On the other hand, precious metals are getting hammered again this morning. Gold is down 2.1%, trading closer to $4,000/oz, and Silver is down 2.3%, trading near $47.50/oz.

There are several other potential events which could move the markets this week. The Fed meets on Wednesday, with the street expecting another 0.25% interest rate cut. The White House announced a short list of five potential candidates for replacing Chair Powell when his term ends in May of 2026, with a decision expected before the end of this year.

It’s a big week for earnings focused on Big Tech, Big Oil, Big Pharma, Big Industry, Big Credit, and more. Headliners include Visa on Tuesday, Meta Platforms and Microsoft on Wednesday, Apple, Amazon,com, MasterCard, Merck and Eli Lilly on Thursday, wrapping up with Exxon Mobil and Chevron on Friday. Canadian headliners include Celestica* later today, Agnico-Eagle* and Canadian Pacific on Wednesday, Canadian National Railway and Canadian Natural Resources on Thursday, and Imperial Oil on Friday.

*Shares of Celestica and Agnico-Eagle are held in portfolios managed by SIA Wealth Management.

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