Morning Minutes

Big Rail Merger and Vaccine News In The Spotlight




The new trading week is off to a mixed start with investors digesting a number of weekend developments. The US 10-year treasury note yield has slipped back under 1.70%. US index futures are trading flat for Dow futures to a gain of 0.9% for NASDAQ futures. Overseas, the Nikkei dropped 2.0% but European markets have been steadier with the FTSE and the DAX posting gains of 0.1%-0.3%.

Commodities are mixed with copper up 0.5%, silver down 1.8%, gold down 0.25%, and WTI crude oil up 0.1%. Natural gas down nearly 2.0% following an unusually warm start to spring in some regions accelerating the winding down of home heating season.  

There have been several significant developments over the weekend, starting with another merger Monday. Over the weekend, Canadian Pacific Railway agreed to acquire Kansas City Southern for $25B which would create a continental railway joining all three USMCA partner countries, US, Canada and Mexico under one roof for the first time and over 20,000 miles of track.

Meanwhile, on the vaccine front, AstraZeneca reports US Phase 3 clinical trial results over the weekend showing 79% efficacy for its COVID vaccine without increasing the risk of blood clots, a concern which had been raised in Europe and recently.

It’s a relatively quiet week for economic and earnings news dominated by housing data. Flash PMI reports for the US and some European countries and US durable goods orders on are due on Wednesday. Gamestop reports earnings Tuesday after the close which could catch the attention of meme traders and the business press considering the stock’s recent volatility. Blackberry reports results on Friday.

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Colin Cieszynski, Chief Market Strategist

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

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