Morning Minutes

Intel Earnings Spark NASDAQ Bounce




Clawing back some of yesterday’s 0.6% declines for major US indices, US index futures are up 0.3% to 0.9% with the NASDAQ leading the rebound. European trading finds both the Dax and the FTSE holding steady today. Energy and metals trading is mixed with Gold up 0.5%, Copper up 0.9% and WTI Crude Oil down 0.4%.

Investors continue to react primarily to earnings reports which have continued to roll out overnight and into this morning. Highlights include Intel (+$0.13 vs street -$0.04, up 6.19% premarket), Procter & Gamble ($1.37 vs street $1.32), and Exxon Mobil ($1.94 vs street $2.03). In Canada, TC Energy beat the street by a penny and announced a plan to split into two companies, while Canadian Pacific ($0.83 vs street $0.94) came in below expectations.

In economic news, US Core PCE inflation, the Fed’s preferred measure (4.1%% vs street 4.2% and previous 4.6%) came in better than expected, adding to the case for the US central bank to slow or pause its rate hike program. Canadian GDP for May came in as expected (0.3% in line, previous revised up to 0.1%).  

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Colin Cieszynski, Chief Market Strategist

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

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