Morning Minutes

Markets Retreat To Start a Short Week

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A trading week shortened by the closed and reduced sessions around Thursday’s US Thanksgiving holiday has started with many markets around the world in reverse this morning. US index futures are down 0.1%-0.5%, with the NASDAQ leading the way downward, giving back Friday’s US index gains of up to 0.6%. In Europe today, the Dax is down 0.4%, while the FTSE is flat. The one notable equity move has been an 8.5% premarket gain for Disney on the news that CEO Bob Chapek has been pushed out and replaced by former CEO Bob Iger.  

The US Dollar is climbing this morning creating a general headwind for several markets. With the 10-year US treasury note yield creeping back up above 3.80%, the greenback is up 1.1% against the Yen, 0.8% against the Euro and Pound, 0.7% against Gold and 0.4% against the Loonie. Cryptocurrencies remain under pressure in the wake of the collapse of crypto exchange FTX, with Bitcoin down 1.9% and Ethereum down 3.2%. Commodity trading finds copper down 1.0% and WTI crude oil down 0.7%.

Due to the upcoming US holidays, scheduled news for this week has been compressed into Tuesday and Wednesday. Economic reports of note due over the next two days include US durable goods orders, flash PMI reports from around the world, Canada retail sales and a Reserve Bank of New Zealand meeting. Earnings reports continue to roll out from US specialty retailers as well.

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Colin Cieszynski, Chief Market Strategist

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

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