Morning Minutes

Earnings and Retail Sales In Focus; New Interview and Webinar Replays



US index futures have stabilized this morning with the US 10-year treasury note yield slipping back under 1.70%. Yesterday the 10-year yield approached 1.75% which set off a rolling slide in stock markets around the world starting toward the end of the North American trading day and continuing overnight. This morning finds NASDAQ futures up 0.5%, trying to bounce back from yesterday’s 3.0% plunge. Overseas, the FTSE is down 0.6%, the Dax is down 0.8%, and the Nikkei and Hang Seng both fell 1.4%.

Commodity action is mixed today with WTI crude oil stabilizing after an 8.0% plunge yesterday, while copper is down another 0.5%. In currency action, Bitcoin is up another 2.3% trading above $59,000 while gold is up 0.5%.

Canadian retail sales for January are out this morning, and were not as bad as investors had feared despite winter lockdowns (-1.1% vs street -3.0% and previous -3.4%). The numbers improved from December but still suggest that the economy has not completely turned the corner yet.

There were two notable earnings reports after the close last night. FedEx beat the street on earnings ($3.47 vs street $4.23, up 5.4% premarket) with management noting the company is still benefitting from increased parcel delivery demand related to increased online shopping. Nike, on the other hand, posted disappointing results ($0.90 vs street $1.04), which management blamed on shipping delays at some ports.   

New Webinar Replay Videos From SIA Wealth Management  

SIA Wealth is please to announce three new videos based on our recent monthly webinar are now available for replay at your convenience.

True Tactical Investing with Jason Leesui (5m 0s)                  

Fund Insights with Kyle Wilson and Paul Vendrinsky (10m 33s)

Market Insights with Jeremy Fehr (20m 16s):                                          

SIA Wealth In The Media

Chief Market Strategist Colin Cieszynski recently appeared on BNN Bloomberg where he discussed the implications of rising treasury yields and a reopening economy for tactical investing and sector rotation.

The Underlying Recovery Trend for Energy Remains Intact: SIA Wealth Management’s Cieszynski

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Colin Cieszynski, Chief Market Strategist

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

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