Morning Minutes

Index Futures Climb On a Big Day For Earnings Reports




Shrugging off Monday’s late day softness, US index futures are up 0.5% to 0.6% with investors focus turning back to corporate earnings. Over in Europe, the FTSE is flat and the Dax is up 0.25%. The headwind from rising treasury yields appears to be easing a bit with the US 10-Year Treasury Note Yield slipping back toward 4.85% after topping 5.00% yesterday.

In currency trading, Bitcoin is the big story today, soaring 9.9% to trade above $34.000. Gold, on the other hand, is down 0.6%. In commodity action, Crude Oil is steady today while Copper is up 0.5%.

Earnings season resumes this morning. US results so far have been positive from headliners such as General Electric ($0.82 vs street $0.56,up 5.3% premarket), Danaher ($2.02 vs street $1.81). Canadian Miner Teck Resources, however, missed on earnings ($0.56 vs street $0.78, down  4.8% premarket), and cut production guidance for next quarter, blaming wildfires and other disruptions. The company also announced more cost increases at a mine construction project in South America.

After the close Big Tech earnings week starts with results due from Microsoft, Alphabet, and Texas Instruments, with Visa also in focus followed by Boeing tomorrow morning. In Canada, results are due from Canadian National Railway and First Quantum.Minerals.   

Flash manufacturing and flash service PMI reports from around the world have been rolling out from around the world and for the most part, results have been sluggish, particularly on the Services side. US flash Manufacturing (street 49.5) and flash Services (street 49.9) reports are due at 9:45 am EDT.

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Colin Cieszynski, Chief Market Strategist

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

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