SIA Wealth Morning Minutes: Natural Gas Rebounds; US Indices Approach Key Levels

World markets appear to be showing some mean reversion this morning following two days of strong moves, consistent with what appear to be typical trading corrections.

After closing at record highs, with 50,000 and 7,000 in sight for the Dow and the S&P 500 respectively, US index futures are trading flat to down 0.2% so far this morning. European markets are mixed, with the DAX up 0.7% and the FTSE down 0.6%.

Natural gas has roared back to life this morning, rising 4.8% after a harsh two-day selloff. Winter weather may continue to impact natural gas pricing over the next several weeks. Crude oil is quiet so far today, holding near $56.75, as traders continue to assess the impact of the Venezuela situation on global supply.

Metals are pulling back this morning, giving up some recent gains. Copper, which hit a new all-time high yesterday, is down 1.8% this morning. Gold and Silver are down 1.0% and 4.1% respectively.

ADP reported a smaller-than-expected increase in December private sector payrolls at 41K versus the Street at 47K and the prior reading of 32K. Market reaction has been limited, with investors appearing more focused on Friday’s US Nonfarm Payrolls and Canadian employment reports. US ISM Services PMI (Street at 52.3) and US factory orders (Street -1.2%), are due at 10:00 am EST.

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