Morning Minutes

Positive Economic Data and Negative Earnings Offset Each Other




US Index Futures are mixed this morning. NASDAQ futures are up 0.3% this morning, trying to claw back some of yesterday’s 1.1% index decline.

Dow Futures, on the other hand, are down 0.2% after finishing flat yesterday. Walgreens Boots appears to be dragging on the Dow with an 8.6% premarket drop after the drug store chain reported disappointing earnings ($1.00 vs street $1.07) and cut guidance for this year.

US Durable Goods Orders (1.7% vs street -1.0%) came in better than expected, a sign of a robust and resilient economy.   Canadian Consumer Prices (3.4% as expected vs previous 4.4%), and more importantly Canadian Core CPI (3.7% vs street 3.9% and previous 4.1%), indicate inflation pressures continue to ease.  US House prices are due at 9:00 am EDT, followed by US New Home Sales and Consumer Confidence at 10:00 am EDT.

European indices are in the red this morning with the Dax and FTSE both down about 0.3%. Commodities are also weakening again, with WTI Crude Oil dropping 1.4% and Copper sliding 0.5%.

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Colin Cieszynski, Chief Market Strategist

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

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