Yesterday’s positive momentum which saw major US indices gain 0.75% to 2.0% yesterday has faded overnight and a moderate correction appears to be underway this morning with US index futures down 0.25% to 0.45%. Despite positive economic news, European markets are also down today with the Dax and FTSE both falling about 0.3%. Trading oil and metals is very mixed today with Gold up 0.5%, WTI Crude Oil up 0.2%, Copper down 0.4% and Natural Gas down 0.75%. The Canadian Dollar is quiet ahead of tomorrow’s Bank of Canada meeting.  

S&P Global Flash Manufacturing and Flash Service reports, the first quick peek at January economic conditions for several countries have been constructive for the most part. Results from Continental Europe and Japan were better than expected, Australia was worse than expected and the UK was split. Most notably, Australia Manufacturing crossed under 50 into contraction territory, while the Eurozone Composite and German Services crossed above 50 into expansion territory. US Flash Manufacturing (street 46.1) and Flash Services (street 44.5) reports are due at 9:45 am EST.  

Earnings season has resumed this morning with more positive results as Johnson & Johnson ($2.35 vs street $2.23) and Danaher ($2.87 vs street $2.55) both beat expectations Microsoft and Canadian National Railway are scheduled to report results after the close today followed by Boeing tomorrow morning.

New Video: SIA Wealth June Market Outlook Webinar Replay

A replay of the SIA Wealth Market Outlook Webinar with Portfolio Manager Kyle Wilson, CFA and Chief Market Strategist Colin Cieszynski CFA, CMT, featuring their 2022 review and 2023 market outlook, is now available.

YouTube Version:

Subscribe to the Morning Minutes:

Today's earnings reports and market activity, delivered right to your inbox.

Colin Cieszynski, Chief Market Strategist

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

Read More

Legal and Regulatory Disclosures

Terms and Conditions:
This information is for Investment Advisors only. The website is for informational purposes only and is not intended to provide a complete description of SIA Wealth Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Products and services of SIA Wealth Management are only offered in jurisdictions where they may be lawfully offered for sale. The information contained in this Website does not constitute an offer or solicitation by anyone to buy or sell any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada.

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. SIA Wealth Management Inc. 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.