Morning Minutes

NASDAQ Rebounds, Dow Keeps Climbing as Interest Rates Level Off

Business people videocalling and taking notes during meeting
Business people videocalling and taking notes during meeting

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Stocks in North America and Europe have been in rally mode this morning with the US 10-year treasury note yield stabilizing in the 1.50% to 1.60% range. NASDAQ futures are up 2.2%, clawing back nearly all of yesterday’s 2.4% loss. Dow Futures are up 0.3%, building on yesterday’s 1.0% gain. Across the pond, the FTSE and the DAX are both up about 0.4%.

The US Dollar is backsliding this morning, which has ignited rallies in other currencies including gains of 4.0% for Bitcoin, 1.4% for Gold, 2.0% for Silver. The Canadian Dollar and the Euro are both up about 0.3% against the greenback ahead of tomorrow’s Bank of Canada meeting and Thursday’s European Central Bank meeting. Commodity action has been mixed with WTI crude oil down 0.2%, gasoline up 0.5%, copper down 2.0% and platinum up 1.0%.

There are a couple of US retailer earnings reports of note out this morning. Dicks Sporting Goods* beat the street on both EPS ($2.43 vs street $2.28), and same store sales (19.3% vs street 17.1%). Children’s Place also exceeded expectations on EPS ($1.01 vs street $0.23) and same store sales (+1.0% vs street -10.7%).

*Shares of Dick’s Sporting Goods are held in some portfolios managed by SIA Wealth Management.

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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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