Morning Minutes

Markets Stabilize on US Juneteenth Holiday

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It’s the first time that the new US Juneteenth holiday is being celebrated. US exchanges are closed today and futures close at 9:15 am EDT.

Building on a mixed Friday that saw the NASDAQ climb 1.4% and the Dow dip 0.1%, US index futures are up 0.6%-0.8% this morning. Perhaps more importantly, trading in commodities and currencies has stabilized while markets digest Friday’s Quadruple Witching action and await more leadership from the US tomorrow.

Cryptocurrencies have rebounded this morning with Bitcoin up 2.0% and trading above $20,000 after dropping below that key level over the weekend. Gold and the US Dollar have stabilized enabling the Euro, Pound and Canadian Dollar to gain 0.2%-0.4%. Commodities are mixed today. WTI crude oil has stabilized near $110.00/bbl and is up 0.7% while natural gas is down 2.5% and copper is down 1.0%.

The housing and construction sector of the economy may attract some attention this week with two US homebuilders reporting earnings and housing data dominating the North American economic calendar. Canadian retail sales are due Tuesday followed by Canadian consumer prices on Wednesday. Thursday brings Flash PMI reports from around the world, the first peek at economic conditions in June so far and stress test results for US banks.

New Video: SIA Wealth June Market Outlook Webinar Replay

A replay of the SIA Wealth Market Outlook Webinar with Colin Cieszynski – Chief Market Strategist, answering the most asked questions we have received from advisors over the past month, including: defensive versus tactical investing strategies, the state of the economy and markets heading into summer, and past experience in US midterm election years – is now available.

YouTube Version: https://youtu.be/ZEhJwIrM9pk

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

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