Morning Minutes

Infrastructure and Trade News Boosts Stocks




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

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Colin Cieszynski, Chief Market Strategist

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

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