Morning Minutes

Oil Rallies While Stocks Digest Mixed Earnings




WTI Crude Oil is climbing for a second straight day, gaining 1.4%. In addition to follow-through action following yesterday’s warning to bears from Saudi Arabia about the next OPEC+ meeting, traders appear to be responding positively to last night’s drawdown in API weekly US inventories (-6.8 mmbbls vs previous +3.7 mmbbls). Weekly US DOE inventories are due at 10:30 am EDT.

The first day of Canadian Bank Earnings Week has come with mixed signals as both Bank of Nova Scotia ($1.70 vs street $1.78) and Bank of Montreal ($2.93 vs street $3.23) fell short of expectations. Scotiabank management blamed the shortfall on softness across most of its business lines and raised its loan loss provision. On the positive side, both banks raised their dividends.

US earnings have also been mixed overnight, headlined by retailer Kohls ($0.13 vs street -$0.43, up 12.3% premarket), Analog Devices ($2.83 vs street $2.75), and Palo Alto Networks ($1.10 vs street $0.93). Nvidia reports results after the close today.

Amid all this news and ongoing US debt ceiling talks, US index futures are down 0.3%-0.5% this morning. Over in Europe, the Dax and FTSE are both down about 1.7%. In metals trading, Gold is up 0.5%, while Copper is down 1.3%.

Subscribe to the Morning Minutes:

Today's earnings reports and market activity, delivered right to your inbox.

Colin Cieszynski, Chief Market Strategist

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

Read More

Legal and Regulatory Disclosures

Terms and Conditions:
This information is for Investment Advisors only. The website is for informational purposes only and is not intended to provide a complete description of SIA Wealth Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Products and services of SIA Wealth Management are only offered in jurisdictions where they may be lawfully offered for sale. The information contained in this Website does not constitute an offer or solicitation by anyone to buy or sell any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada.

SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, Advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIA Wealth Management Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.