Coming off of a mixed Wednesday that saw the Dow Industrials close at a record high, but the NASDAQ dip slightly, stock markets have been backsliding overnight and into this morning. US index futures are down 0.3%-0.4%, while overseas, the Dax is flat, the FTSE and the Hang Seng are both down 0.5%, while the Nikkei fell 1.9%. commodities are also falling this morning with copper getting slammed for a 2.4% loss while natural gas is down 1.5% and WTI crude oil is down 0.6%.
There has been another flurry of earnings reports out overnight. Headliners include IBM ($2.52 vs street $2.50), chemical producer Dow ($2.75 vs street $2.56), AT&T ($0.87 vs street $0.76). US airlines are also reporting results today. American Airlines had a smaller than expected loss even after adjusting for government support (-$0.99 vs street -$1.04). Revenues in the quarter were down about 25% from 2019, but management expects that to improve to being down 20% from 2019 in the coming quarter.
In economic news today, Canadian new house prices were up 11.3% over year, easing off from last month’s 12.2% annual growth rate. US weekly initial jobless claims were better than expected (290K vs street 300K). The Philadelphia Fed manufacturing survey (23.8 vs street 25.0 and previous 30.7) was weaker than last month and worse than expected. US new home sales are due at 10:00 am EDT (street 6.09M) followed by weekly natural gas storage (street 90 BCF increase) at 10:30 am EDT.
New Video: SIA Wealth September Webinar Replay
A replay of our special Market Outlook Webinar with Ted Bader “Uncharted Waters: Signs of a coming storm” is now available.
YouTube Version: https://youtu.be/1rM1jdKzOy0
SIA Wealth In The Media
SIA Wealth Management Chief Market Strategist Colin Cieszynski is scheduled to appear on BNN Bloomberg just after market close today to discuss current trends in world markets.
