Oil Rallies and Earnings Season Starts

Earnings season in the US has kicked off this morning with a mixed reaction to decent results. JPMorgan Chase ($5.23 vs Street $5.00) is up slightly premarket as strong trading revenues helped it to beat street expectations. Bank of New York Mellon* ($2.02 vs Street $1.91) is down slightly premarket. Delta Air Lines ($1.55 vs Street $1.53) is down 3.6% premarket after management guided a wide range of $0.50-$0.90 for Q1 forecast EPS.

US consumer prices were in line with Street at 2.7%. US new home sales are due at 10:00 am EST, followed by China trade data overnight and US retail sales tomorrow.

US index futures are trading flat to up 0.1%, posting small gains following the inflation numbers. Overnight, the Nikkei soared 3.1% on election rumors, while the Hang Seng gained 0.9%. Europe is quiet this morning with the FTSE flat and the DAX up 0.1%.

Growing protests and political uncertainty in Iran have lit a fire under the oil price today, which is up 2.0% and has climbed back up above $60.00/bbl. Natural Gas is up 1.8% as temperatures cool back down in consuming regions. Metals are mixed today with Gold down 0.2%, Copper up 0.2%, and Silver up 1.9%.

*Shares of Bank of New York Mellon are held in some portfolios managed by SIA Wealth Management.

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