Markets Rebound Ahead of Quarter-End and a Busy Economic Calendar

Stock markets are bouncing back this morning, kicking off a compressed week for news and trading. Quarter-end arrives tomorrow, followed by holidays in Canada on Wednesday and the United States on Friday. Within this shortened window, investors will still need to navigate a busy calendar of employment, PMI, and other month-end economic reports.

Once again, tensions between the United States and Iran flared over the weekend before cooling just in time for the reopening of index futures trading late Sunday. Crude Oil appears to be stabilizing near $70.00 per barrel while metals remain under pressure.

Investors continue to demonstrate a willingness to respond positively to encouraging news. Comcast is up 21.6% in premarket trading after announcing plans to separate its media business from its cable and technology operations into two standalone companies.

Japan retail sales came in stronger than expected at 5.3% versus a Street estimate of 3.2% and a previous reading of 2.8%, another indication that global economic activity remains resilient.

NASDAQ futures are up 1.2%, while Dow futures are higher by 0.5%.

In Asia, the Nikkei gained 0.2% and Hong Kong’s Hang Seng advanced 1.6%. In Europe, Germany’s DAX is up 0.1% while the UK’s FTSE 100 is down 0.1%.

Crude Oil is up 1.0%, trading near $70.00 per barrel, while Gasoline is up 1.3%, trading near $3.00 per gallon. Gold is down 0.8%, Copper is lower by 0.2%, and Silver is down 1.7%.

The US 10-year Treasury yield is holding near 4.40%, while the 30-year Treasury yield remains near 4.85%. The US Dollar is flat to slightly lower against major currencies, with the Euro up 0.2% and the Canadian Dollar steady.

The only company of note reporting earnings this week is Nike, which reports after the close on Tuesday. Canada’s monthly GDP and the US Chicago PMI headline Tuesday’s economic calendar.

The third quarter officially begins on Wednesday and brings several central bank speakers, including Fed Chair Kevin Warsh, Bank of Canada Governor Tiff Macklem, and Bank of England Governor Andrew Bailey. Wednesday will also feature Manufacturing PMI reports from around the world and US ADP payrolls, followed by US Nonfarm Payrolls on Thursday and Service PMI reports on Friday.

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