Morning Minutes

Markets Try To Rebound With Mixed Success




In the wake of yesterday’s big broad-based selloff, which saw major US indices lose 1.1%-1.6%, US index futures are trying to bounce back this morning but so far have only managed relatively moderate gains of 0.3%-0.4%. European indices, including the DAX and FTSE are trading pretty much flat this morning.

Commodity and currency action is mixed today. Energy markets are up with US Crude Oil gaining 1.7% and Natural Gas rallying 2.0%. Metals remain under pressure with Copper down 0.4% and Platinum down 0.8%. In currency trading, The Euro is down 0.3%, Gold is down 0.5%, but Bitcoin is up 2.1%. Crude Oil may be active around today’s 10:30 am weekly US DOE inventory report where a slight drawdown is expected. Last night API reported a 1.5 mmbbl build in weekly US oil inventories.

US Durable Goods orders exceeded expectations (+0.2% vs street -0.5%). Yesterday’s data was mixed with New Home Sales coming in below expectations, but the Richmond Fed Manufacturing Index, significantly beating expectations and turning positive. Tomorrow brings a number of Fed speakers including Chair Powell, plus Pending Home Sales and a Q2 GDP update.  

Earnings and Confession season remains quiet so far this week. Last night Costco ($4.86 vs street $4.79) beat expectations. Details of the new contract agreement for Hollywood writers came out late yesterday. The deal includes pay increases and perhaps most significantly, restrictions on the use of AI. Meanwhile, US auto workers and actors remain on the picket lines.

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Colin Cieszynski, Chief Market Strategist

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

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