Earnings Season Starts to Stir

US investors have returned from the holiday weekend in a positive mood, with technology stocks bouncing back as selling pressure eases and bargain hunters step back in. With no major economic or earnings reports out so far this morning, focus is starting to shift toward Q2 earnings season as the first reports begin to trickle in this week.

NASDAQ futures are up 1.2%, while Dow futures are steady. Overseas, the Nikkei is steady and the Hang Seng is up 1.2%. In Europe, the DAX is steady, while the FTSE is down 0.4%.

Commodities are mixed this morning. Crude Oil is down 0.2%, while Gasoline is up 1.3%. Gold and Copper are both up 1.0%, while Silver is up 2.6%.

Currencies are also mixed. The US Dollar Index is up 0.2%, with the Euro and Loonie both down 0.2%. The US 10-year treasury note yield is steady near 4.50%, while the US 30-year treasury note yield is steady near 5.00%.

The main economic report today is US ISM Services PMI, due at 10:00 am EDT, where the Street is looking for 54.0 compared with the previous reading of 54.5. Canada employment is due Friday morning.

Q2 earnings season also begins to pick up this week. Early headliners include Levi Strauss on Wednesday, Aritzia* and Pepsico on Thursday, followed by Delta Air Lines* and Hyatt Hotels on Friday. The only notable central bank meeting this week is the Reserve Bank of New Zealand on Wednesday, where policymakers are expected to raise the benchmark interest rate by 0.25% to 2.25%.

*Shares of Aritzia and Delta Air Lines are held in some portfolios managed by SIA Wealth Management.

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