Morning Minutes

Earnings Season Resumes With Positive Reports




Please note that the Morning Minutes will not be issued tomorrow, it should return on Monday May 1st.

Yesterday’s US stock market rebound has continued through overseas trading overnight and into this morning where the Dax is up 1.1% and the FTSE is up 1.0% in European trading. US index futures, however, are down 0.4% as investors digest a number of earnings reports.

Air Canada kicked off Canadian earnings by reporting a smaller loss per share than a year ago (-$2.72 vs year ago $3.90) while its revenues rebounded ($2.5B vs year ago $0.7B). In the US, Warner Bros. Discover ($0.69 vs year ago $0.21, 2 million subscriber increase at Discovery+), Pepsico ($1.29 vs street $1.23), UPS ($3.05 vs street $2.88), DR Horton ($4.03 vs street $3.37), and others posted positive reports. Later today, results are due from Microsoft, Alphabet, Visa and many others.

Today’s US durable goods orders report was mixed with the headline number falling short of expectations (0.8% vs street 1.0%), but the orders excluding transportation component beating expectations (1.1% vs street 0.6%). US house price numbers are out later this morning.

Energy markets are rebounding this morning. WTI crude is up 1.4% and has rebounded back up toward $100.00/bbl, while natural gas is up 4.4%. In metals action, copper, platinum and gold are all up about 0.4%. Currency trading is very mixed with Bitcoin gaining 1.0%, the Yen bouncing 0.5%, the Loonie sliding 0.2%, the Euro down 0.4% and the Pound down 0.5%.

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Colin Cieszynski, Chief Market Strategist

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

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