Morning Minutes

Big Banks Rally on Positive Earnings

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The Morning Minutes will not be issued on Monday July 17th, it should return on Tuesday July 18th.

Continuing this week’s winning streak for major US indexes, including gains of 0.2%-1.6% yesterday, US index futures are trading flat to up 0.4% this morning with Dow Futures leading the way higher. European markets are mixed with the Dax down 0.2% and the FTSE up 0.2%.

Several major US banks are up in premarket trading this morning after they kicked off earnings season with positive results. JPMorgan Chase ($4.37 vs street $4.00, up 2.6% premarket, Wells Fargo ($1.25 vs street $1.16, up 3.8% premarket), and Citigroup ($1.33 vs street $1.30, up 1.9% premarket) all beat analyst expectations on earnings and revenues. UnitedHealth ($6.14 vs street $5.99, up 3.0% premarket), and asset manager Blackrock ($9.28 vs street $8.52).

In energy and metals action, Natural Gas is up 1.4% as we move through cooling season, while Copper, Gold and WTI Crude Oil are all down about 0.1%. Commodities may be active Monday following the scheduled release of Chinese Q2 GDP, retail sales and industrial production reports.

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

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