Stocks Slip in Mixed Holiday Trading

Lighter holiday trading continues, with several overseas markets still closed for Lunar New Year.

US index futures are down 0.3% to 1.0% so far, with the NASDAQ leading to the downside. European trading is mixed, with the DAX down 0.1% and the FTSE up 0.2%.

As talks between the US and Iran get underway today, the US Dollar is rallying. Gold is down 2.0% and Silver is down 5.0%. The Pound is down 0.6%, while the Euro and the Loonie are down 0.2%. Commodity markets are mixed. US Crude Oil is up 1.0%, while Brent Crude is down 0.3%. Copper is down 2.0% as metals come under pressure. A warm weekend in key consuming regions has Natural Gas down 4.5%.

Economic data have been mixed. Canada housing starts (238K vs Street 263K) were disappointing, as were UK unemployment claims (29K vs Street 23K). US Empire Manufacturing (7.1 vs Street 6.0) was slightly better than expected. The economic calendar for the rest of the week is dominated by mid-tier data, particularly various US housing reports, and wraps up Friday with Flash PMI numbers and retail sales reports for the UK and Canada.

It is also a relatively quiet week for earnings. Headliners include retailers Walmart and Canadian Tire on Thursday, along with several mid-cap mining companies.

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