Morning Minutes

Early PMI and Earnings Reports In Focus

Share:

Facebook
Twitter
LinkedIn
Email
Print

The last trading day of the month and the day before a long weekend for many countries overseas (Orthodox Easter and May Day) finds stocks and commodities mixed as investors weigh the growing COVID outbreak in India against signs of progress plus positive economic and earnings news in other countries.

US index futures are down 0.4%-0.6% this morning, giving back yesterday’s gains of 0.2%-0.7%. In Europe, the Dax is up 0.3% but Asia Pacific markets were down, particularly the Hang Seng which plunged 1.9%. Commodities are also heading in opposite directions with WTI crude oil down 2.4% while copper is up 0.7%.

Early monthly purchasing managers surveys (PMI) from Asia were positive overnight with Japan Manufacturing (53.6 vs street 53.3), China Non-Manufacturing (54.9 vs street 52.6), and China Caixin Manufacturing (51.9 vs street 50.8) coming in above 50 in expansion territory and above expectations. US Chicago PMI, a preview of Monday’s national number, is due at 9:45 am EDT (street 65.3 vs previous 66.3).

Earnings reports were also mixed overnight. Companies beating expectations include: Amazon.com ($15.79 vs street $9.74), Restaurant Brands ($0.55 vs street $0.50), Exxon Mobil ($0.65 vs street $0.59), and Western Digital ($1.02 vs street $0.68). On the other hand, Twitter has been hammered down 13.0% in premarket trading. Although the social media companies earnings beat expectations ($0.16 vs street $0.14), daily active users (199M vs street 200M) and revenue guidance ($980M-$1.08B vs street $1.06B and previous $1.03B) fell short of what investors seemingly were hoping for.  

Subscribe to the Morning Minutes:

Today's earnings reports and market activity, delivered right to your inbox.

Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

Read More

Legal and Regulatory Disclosures

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.

INTERNET EXPLORER NOTICE