Morning Minutes

Indices Climb to New Highs as Earnings Reports Roll In




Building on yesterday’s gains of 0.2%-0.9% for US indices and new all-time highs for the Dow and the S&P, US index futures are up 0.3% this morning as investors respond to a round of positive earnings reports. Over in Europe, the Dax is up 1.0% and the FTSE is up 0.6%. Commodities are mixed today. WTI crude oil is up 0.3%, while Natural Gas is down 1.1% in a common correction of yesterday’s big rally, while copper is down 0.3%.

A big day for earnings reports finds a number of big names beating expectations. Highlights include Facebook ($3.22 vs street $3.19), Hasbro ($1.96 vs street $1.59), United Parcel Service ($2.71 vs street $2.55), General Electric ($0.57 vs street $0.43), and 3M ($2.45 vs street $2.20).

The US Dollar is up slightly today in currency action, gaining 0.3% against the British Pound and 0.2% against the Canadian Dollar. Gold, Bitcoin and the Euro are all flat. It’s a light day for economic news headlined by US house prices and US new home sales later in the morning followed by US API weekly oil inventories later in the afternoon. Currency traders may by on hold waiting for tomorrow’s Bank of Canada decision followed by the Bank of Japan, European Central Bank and US GDP on Thursday.  

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Colin Cieszynski, Chief Market Strategist

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

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