With many US investors still away for the Thanksgiving holiday weekend and US exchanges only open for a half-day, closing at 1:00 pm EST, market action has been listless for the most part. US index futures are mixed with Dow futures up 0.2% and NASDAQ futures down 0.2%. Similarly, in Europe today, the Dax is down 0.1% and the FTSE is up 0.2%. Commodity trading is also mixed with ‘Copper up 1.6%, WTI Crude Oil up 2.0%, and Natural Gas down 1.6%.
Investors’ main focus appears to still be on football, particularly the World Cup with opening round matches continuing today. With soccer getting more attention in North America this week, it’s telling that one of the strongest stocks so far this morning has been Manchester United ADRs with an 8.6% gain in US premarket action.
The economic and corporate calendar remains light today leaving investors to focus on anecdotal reports of shopping at Black Friday / Cyber Monday sales with preliminary results due Sunday or Monday. While this is traditionally one of the busiest shopping weekends of the year in the US, it’s important to remember that many retailers started discounting early and have been running sales for weeks, spreading transactions over a longer period of time.
SIA Wealth In The Media:
Chief Market Strategist Colin Cieszynski appeared on BNN Bloomberg today where he spoke about the recent market rebound, resource sector action, and earnings season for retailers.
We’re seeing a broad-based rebound in the markets: Colin Cieszynski