Steady Markets Await Trump Speech as Earnings Season Continues

Amid all the geopolitical turbulence of late, markets appear to be in the calm eye of a storm currently. President Trump is scheduled to speak to global political and business leaders today at the Davos Conference, but the timing is unclear as his flight was delayed. The dispute with Europe over Greenland remains front and centre, but he is also expected to meet with other leaders over today and tomorrow as well.

Netflix is down 6.8% in premarket trading this morning. The streamer beat the street on earnings by a penny, but risks, distractions and uncertainties surrounding its bid for Warner Bros, or valuation relative to growth forecasts may be impacting the shares this morning. United Airlines, on the other hand, is up 3.2% premarket after beating expectations ($3.10 vs street $2.93).  Results from Johnson & Johnson and Travelers have had little impact on trading so far today.

US index futures are trading flat to down 0.25% this morning awaiting new developments. European stocks remain under pressure with Frankfurt and Milan both down 1.1% and London down 0.2%. Asia Pacific trading was mixed with the Nikkei falling 0.4% and the Hang Seng rising 0.4%.

Cryptocurrencies continue to fall as traders shift from offense to defense, with Bitcoin down 1.5% and trading back under $90,000. In metals action, Gold is up 2.0%, and Copper is up 0.8%, but Silver is down 0.4% as it consolidates near $95.00/oz. A cold snap has Natural Gas soaring, up 19.5% this morning, while Crude Oil is up 0.3%. Paper currencies are quiet today.

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