Morning Minutes

Mixed Markets Await Quadruple Witching, Canada Election and Big US Meetings




Stock markets around the world are mixed heading toward the weekend. The Hang Seng bounced back 1.1% overnight but finished a tough week below 25,000 and down 4.7% from last Friday. Sydney still struggled, falling 0.7% while in Europe, the Dax is down 0.3% and the FTSE is flat. US index futures are down marginally.

In commodity action, China-sensitive copper bounced back 1.6%, while auto-sensitive platinum rebounded 1.9%. Energy markets are retreating again post-hurricanes with natural gas falling 1.1% and WTI crude oil falling 0.6%.

It’s Quadruple Witching Day when futures and options on stocks and indices all expire together, a situation that sometimes leads to volatility late in the day as investors square positions. We may also see investors adjust positions ahead of a number of government related events over the next few days.

Today an advisory panel at the FDA meets to discuss whether or not to push forward with COVID vaccine booster shots ahead of a similar advisory meeting at the CDC next week, both of which could influence sentiment toward vaccine stocks and other COVID impacted sectors. President Biden has indicated he would like to start widespread boosters as soon as Monday.

Monday is also the Canadian Federal election which is still looking like a close race with the potential to deliver another minority government. Policy differences related to energy, real estate, vaccine passports and other areas could influence sentiment toward related stocks.

A little farther out on the horizon next Wednesday brings the latest Fed monetary policy and statement which investors may watch for signs of whether persistently high inflation may push the Fed to start hinting about tapering stimulus.    

New Video: SIA Wealth September 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, is now available.

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Colin Cieszynski, Chief Market Strategist

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

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