Morning Minutes

Mixed Markets Digest Tuesday Selloff




Stocks, commodities, and cryptocurrencies are mixed this morning as some markets attempt to regain their footing after selling off earlier in the week. Nasdaq futures are flat, consolidating yesterday’s intraday bounce that saw the index erase early losses. Dow futures are down 0.3%, adding to yesterday’s 0.8% decline. European indices are in the green this morning, led by 0.8% gains for the Dax and CAC and a 0.4% rise for the FTSE.

Cryptocurrencies are also on the rebound today. Bitcoin has regained $40,000 with a 6.0% bounce so far today. It remains to be seen if yesterday’s intraday plunge down toward $30,000 was a selling climax, or if today is a sustainable rebound or a dead cat bounce. Further adding to an environment of indecision, commodities are mixed today with WTI crude oil down 1.4%, natural gas up 0.5%, and copper up 0.2%.

Today’s earnings reports are headlined by Cisco Systems which is down 5.4% in premarket action. The communications equipment producer beat expectations on earnings per share ($0.83 vs street $0.82), but missed on EPS guidance for the current quarter ($0.81-$0.83 vs street $0.85).

In economic news today, Canadian new house price growth accelerated to 1.9% in April from 1.1% in March and came in well above the 1.4% growth the street was expecting. US news was mixed with the Philadelphia Fed Manufacturing Survey coming in below expectations (31.5 vs street 43.0), but weekly jobless claims coming in better than expected (444K vs street 450K and previous 478K).

New Video: SIA Wealth May Webinar Replay

A replay of this week’s SIA Wealth webinar which included an update on SIA Wealth managed portfolios with Portfolio Manager Paul Vendrinsky, and market insights from SIA Wealth Founder and CEO Jeremy Fehr is now available.

YouTube Version:

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Colin Cieszynski, Chief Market Strategist

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

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