Holiday Calm Meets Rising Momentum as Markets Push Higher Into Memorial Day Weekend

The Morning Minutes will not be issued on Monday or Tuesday and will return on Wednesday, May 27th.

US stocks are looking to build on Thursday’s gains as the Memorial Day long weekend approaches, with investors appearing encouraged by easing pressure in bond yields and a generally constructive tone across global equity markets. Asian markets moved broadly higher overnight while European equities are also advancing this morning, helping reinforce the risk-on backdrop heading into the holiday-shortened week.

Canada inflation numbers released this morning were mixed. Industrial product prices (2.0% vs Street 1.3%) increased more than expected, while raw material prices (2.6% vs Street 2.7%) increased slightly less than forecast. Retail sales data was also mixed across regions as Canada retail sales (1.4% vs Street 0.9%) exceeded expectations, while UK retail sales (0.0% vs Street 1.3%) disappointed.

NASDAQ futures are up 0.3% while Dow Futures are up 0.5% in premarket trading. In Asia, the Nikkei gained 2.7% and the Hang Seng advanced 0.9%. European markets are also trading higher with the DAX up 1.2% and the FTSE higher by 0.4%.

Commodities are mixed this morning. Crude Oil is down 0.2% while Gasoline is up 1.2%. Gold is slipping 0.3%, Copper is gaining 1.1%, and Silver is up 0.4%.

In fixed income and currency markets, the US 10-year treasury note yield is declining toward 4.55% while the US 30-year treasury note yield is steady near 5.10%. The USD is climbing today, with the Euro down 0.2% and the Loonie also lower by 0.2%.

Investors may also be watching comments from incoming Fed Chair Kevin Warsh, who is scheduled to be sworn in later this morning. Markets may look for any indication regarding the future direction of US interest rates. US markets are closed on Monday for the Memorial Day holiday, while Canadian banks are scheduled to report earnings on Wednesday and Thursday of next week.

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