Morning Minutes

Indices Lose Ground Despite Strong Bank Earnings; Oil and Gold Rally




When following the markets, sometimes it’s what doesn’t happen that is important. Despite a positive start to US earnings season, US index futures are trading flat to down 0.4% this morning, while over in Europe, the Dax is down 1.00% and the FTSE is down 0.50%. Investors’ reluctance to step up and respond positively to good earnings news suggests their focus remains elsewhere, with war and inflation overshadowing earnings.   

Earnings season has kicked off on a positive note this morning. JPMorgan Chase ($4.33 vs street $3.95, up 1.1$ premarket), Wells Fargo ($1.48 vs street $1.24, up 2.1% premarket), Citigroup ($1.52 vs street $1.23), UnitedHealth ($6.56 vs street $6.33) and regional Bank PNC Financial ($3.60 vs street $3.10), have all reported better than expected earnings this morning. Comments from bank managers suggested that they benefitted from higher interest revenues while customer credit quality continued to hold up well so far.   

Rising political tensions between Israel and Hamas, and between the US and Russia, with the US cracking down on Russian Oil sanctions today and Israel warning civilians to clear out of Gaza, continue to impact trading in energy and metals. Crude Oil is soaring this morning with Brent and US Crude gaining 4.1%-4.2% as Brent approaches $90.00/bbl and WTI clears $85.00/bbl. Precious metals are re-establishing their role as perceived safe havens in times of turmoil. Gold is up 1.5% and back above $1,900/oz, while Silver is up 2.5%.  

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Colin Cieszynski, Chief Market Strategist

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

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