Morning Minutes

Economic and Earnings Numbers In Focus

Business people videocalling and taking notes during meeting
Business people videocalling and taking notes during meeting



Coming off of a bullish reversal that saw major US indices shrug off early losses to close up 1.0% to 1.3% including a new all-time high for the Dow Industrials, markets are mixed this morning. US index futures are sluggish, varying between flat Dow Futures to a decline of 1.0% for NASDAQ futures. Meanwhile, speculative plays have been running again this morning with Bitcoin up 5.2% to trade near $51,500 and Gamestop up 63.5% in premarket action.

Today is the last big day for earnings reports for the current quarter. Canadian bank earnings week is wrapping up on a positive note, as the last of the Big Six banks completed running the table against the analysts as both  TD Bank ($1.83 vs street $1.49, loan loss provision $313M vs previous 917M), and CIBC ($3.58 vs street $2.81, lows loss provision $147M vs previous 291M) beat market expectations and slashed loan loss provisions.

Earnings continue to roll out from US retailers and some other companies. Highlights include: Nvidia ($3.10 vs street $2.81), Wayfair ($1.24 vs street $0.86), Best Buy ($3.48 vs street $3.45), L Brands ($3.30 vs street $3.18) and ViacomCBS ($1.04 vs street $1.02). Later today, results are due from AirBnB, DoorDash, Beyond Meat, and others.

It is also a busy morning for US economic news. Durable goods orders (3.4% vs street 1.1%), and initial jobless claims (730K vs street 838K and previous 841K) beat expectations. US pending home sales (street 0% over month) and natural gas storage (street -333BCF) are due at 11:00 am and 11:30 am EST respectively.  

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Colin Cieszynski, Chief Market Strategist

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

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