Technology Slides for a Second Day as Oil Rebounds

Overnight trading and index futures are mixed today, with Technology stocks backsliding for a second straight day. Crude Oil is bouncing back amid continued uncertainty surrounding shipping, as Iran and Oman discuss managing traffic through the Strait of Hormuz. Yesterday’s big rally in Precious Metals, sparked by the soft US ADP payrolls report and signs that pressure to raise interest rates may be easing, has paused as investors await tomorrow’s US Nonfarm Payrolls report.

MetLife, Molson Coors, Restaurant Brands, BCE, and Western Digital beat Street earnings expectations, while Nutrien reported disappointing results. US weekly initial jobless claims were slightly better than expected at 199K v. Street 202K, a sign of a robust economy and job market.

NASDAQ futures are down 0.8%, while Dow futures are up 0.5%. In Asia, the Nikkei fell 0.9% and the Hang Seng dropped 1.5%. In Europe, the DAX and FTSE are both up 0.2%.

In Commodities, Crude Oil is up 1.4%, trading above $75.00/bbl, Brent Crude is up 1.5%, trading above $80.00/bbl, and Gasoline is up 1.4%, trading above $2.85/gallon. Gold is up 0.5%, trading near $4,325/oz, Copper is up 0.9%, trading above $6.75/lb, while Silver is down 0.5%.

In Rates, the US 10-year Treasury Note yield has climbed toward 4.65%, while the US 30-year Treasury Note yield has climbed back toward 5.20%. The US Dollar is up slightly today after falling yesterday, while the Euro and Loonie are both down 0.1%.

Looking ahead, Friday morning brings China trade data, US Nonfarm Payrolls, with Street expecting 80K, and Canada Employment, with Street expecting 15K.

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