Supreme Court Tariff Decision Looms as Bank Earnings Continue

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The US Supreme Court is expected to release decisions on a number of cases around 10:00 am EST today. One of these may address the legality of President Trump’s tariff programme. Whether the court rules yes or no, or does not issue a decision at all, could have a significant impact on trading today across equities, commodities, and currencies.

What is known is that US bank earnings continue to roll out this morning. Citigroup* ($1.81 vs street $1.67) and Bank of America ($0.98 vs street $0.96) both beat expectations on earnings. They also reported better than expected loan loss provisions, which may signal a robust economy and lending environment. Wells Fargo is also scheduled to report results today.

It is also a busy day for economic news. US retail sales (0.6% vs street 0.4% month over month) exceeded expectations, indicating solid consumer spending. US producer prices (2.8% vs previous 2.7%) edged higher but generally confirmed benign inflation. US existing home sales are due at 10:00 am EDT. The Fed is also active today, with five officials scheduled to speak and the Beige Book regional economic report due at 2:00 pm EST.

US index futures are down 0.3% to 0.5% ahead of today’s news, adding to Monday’s losses. European trading is mixed, with the DAX down 0.5% and the FTSE up 0.3%. In Asia Pacific trading, the Nikkei had another strong session, rallying 1.5%, while the Hang Seng gained 0.6%.

Energy markets are mixed. Crude Oil is up another 1.2% on concerns about potential supply disruptions in Iran, while Natural Gas is down nearly 5.0%. Silver is soaring again, up 6.3% and trading above $90.00/oz, while Gold is up 0.9% and Copper is up 0.5%.

*Shares of Citigroup are held in some portfolios managed by SIA Wealth Management.

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