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



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
+1 (647) 282-4428

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