Yesterday’s downward momentum that saw the three main US indices drop about 1.25% faded overnight with the tone shifting to bargain hunting and short covering. An overnight rally started in Asia Pacific trading and carried into Europe. The Nikkei soared 2.0% overnight, while the Hang Seng, Dax and FTSE have all bounced about 1.0%.
Today’s market rebound has carried into early North American trading with Dow futures climbing 0.8% and NASDAQ futures gaining 1.1%. WTI crude oil is up 1.5% while copper is up 0.8%. Bitcoin has bounced 4.0%, while gold is holding steady near $1,800/oz.
Investors have responded positively to overnight earnings reports out of the US, where Nike ($0.83 vs street $0.63, up 3.6% premarket) and Micron Technology ($2.16 vs street $2.11, up 8.3% premarket) both beat expectations.
Today’s main economic news comes from Canada where retail sales for October, bounced back even stronger than investors had been expecting (1.6% vs street 1.0% and previous -0.6%).
SIA Wealth Market Outlook Webinar Tuesday, December 21st, 2:00 pm EDT
Please join us on Tuesday, December 21 @ 12pm MT / 2pm ET for our Market Outlook Webinar with Colin Cieszynski, Chief Market Strategist. We will be answering questions by advisors related to holiday seasonality, central banks, consumer confidence, cryptocurrencies and energy.
The link to register for the webinar: https://register.gotowebinar.com/register/1932267860406120205
After registering, you will receive a confirmation email containing information about joining the webinar. A replay will be available and sent to all registrants after the webinar.