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Infrastructure and Trade News Boosts Stocks

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North American stock markets continue to respond favorably to a generally positive earnings season and recent moves by the Federal Reserve Board and the Bank of Canada to work toward normalizing monetary policy with the economy improving and inflation remaining high. The US House of Representatives passing an infrastructure spending bill late last week also appears to be helping sentiment.

Building on Friday’s all-time highs for the Dow Industrials, S&P 500 and NASDAQ Composite, US Index futures are flat to up 0.3% this morning shrugging off small overnight declines in overseas markets. Commodity market action is also positive this morning with WTI crude oil and copper both up about 0.6%.

Over the weekend, China announced a much larger than expected trade surplus ($84.5B vs street $39.9B), boosted by higher than expected export growth (27.1% vs street 25.1%), and lower than expected import growth (20.6%  vs street 25.2%). This week, the main focus of economic news is inflation numbers for the US and China.  

It’s another big week for Canadian earnings headlined by Canadian Tire on Thursday plus Telus on Friday. In the US it’s in in-between week with Disney reporting on Wednesday but their calendar otherwise dominated by small companies with retail earnings not really getting going until next week.  

SIA Wealth In The Media:

Chief Market Strategist appeared on BNN Bloomberg this morning where he discussed Rogers Communications and gave a market preview for November including comments on earnings and seasonality.

Rogers has been underforming relative to other Canadian stocks since spring 2019: Colin Cieszynski

Investors coming into the market on the back of strong earnings is a sign of strength: Colin Cieszynski

Disclaimer: SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIAWM nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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At SIA Wealth Management everything we do is based on Relative Strength Analysis. We evaluate the Relative Strength between asset classes giving us insight into money flows on a large scale, and from this select top ranked investments.

Colin Cieszynski, Chief Market Strategist
Market Commentary:

Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

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