Morning Minutes

Markets Climb on a Positive Start to Earnings Season




Building on yesterday’s gains of 0.25%-1.15% for US indexes, US index futures are up 0.25% to 0.75% this morning. In Europe today, the Dax is up 0.6% while the FTSE is up 0.3%. Copper is up 1.1% while Crude Oil is quiet.  

Responding to yesterday’s significantly better than expected US consumer inflation numbers, the US 10-year treasury note yield has dropped back toward 3.8% easing a recent headwind. This morning US producer prices confirmed easing inflation pressures as both headline PPI (0.1% vs street 0.4%) and Core PPI (2.4% vs street 2.6% and previous 2.8%) beat street expectations.

US earnings season is off to a strong start. Pepsico ($2.09 vs street $1.96, up 2.2% premarket) and Delta Air Lines ($2.68 vs street $2.40, up 3.9% premarket) have soundly beaten analyst expectations for earnings and raised their guidance for the year. Tomorrow brings results from big US banks including JPMorgan Chase, Citigroup, and Wells Fargo, plus UnitedHealth and Blackrock.

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Colin Cieszynski, Chief Market Strategist

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

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