Markets Pause as Earnings Momentum Builds Ahead of Bank Week

Stocks and commodities are little changed this morning as investors head into the final trading day of a choppy week. With few market-moving catalysts today, attention is increasingly turning to next week’s earnings season, which begins in earnest with several major US banks reporting on Tuesday.

Canada’s labour market delivered a stronger-than-expected performance in June, with employment increasing by 18.2K compared with Street expectations for a 10.0K gain. On the corporate front, Aritzia* reported earnings of $0.70 per share, ahead of the $0.64 consensus estimate. Delta Air Lines* also topped expectations, reporting EPS of $1.56 versus the Street’s $1.49 forecast, while reaffirming full-year guidance and indicating that travel demand remains resilient.

US equity futures are mixed ahead of the open, with NASDAQ futures down 0.4% while Dow futures are up 0.2%.

Overseas markets are modestly higher. In Asia, the Nikkei advanced 1.2% and the Hang Seng gained 0.6%. European trading has also been positive, with both the DAX and FTSE higher by 0.2%.

Commodity markets are relatively subdued. Crude Oil is steady, Gasoline is down 0.9%, Gold is lower by 0.6%, Copper is up 0.1%, and Silver has eased 1.2%.

In fixed income and currency markets, the US 10-year Treasury yield is steady near 4.55%, while the US 30-year Treasury yield is holding around 5.05%. The US Dollar is quiet, with both the Euro and Canadian Dollar trading little changed.

Looking ahead, earnings season resumes in earnest on Tuesday with results expected from Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and Goldman Sachs*.

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

Share:

Read More:

Terms and Conditions:


This information is for Investment Advisors only. The website is for informational purposes only and is not intended to provide a complete description of SIA Wealth Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Products and services of SIA Wealth Management are only offered in jurisdictions where they may be lawfully offered for sale. The information contained in this Website does not constitute an offer or solicitation by anyone to buy or sell any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada.

SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, Advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIA Wealth Management Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.