Morning Minutes

Positive Pre-Holiday Trading In the US This Morning




The Friday before the US Memorial Day weekend, the official kickoff to summer driving/vacation season, finds US index futures up 0.2%-0.4%. In addition to follow-through from yesterday’s technology sector rally that sent the NASDAQ soaring 1.7%, investors appear to be anticipating continued movement toward a debt ceiling deal by US politicians.

Today’s US economic news has been mixed. Durable Goods orders have come in significantly better than expected (+1.1% vs street -1.0%) but monthly Core PCE inflation was slightly worse than expected (4.7% vs street 4.6%).

Investors have responded positively to earnings beats from Marvell Technology ($0.31 vs street $0.29, up 16.6% premarket), Workday ($1.31 vs street $1.12, up 9.4% premarket), and Gap (+$0.01 vs street -$0.16, up 10.8% premarket). On the other hand, traders appear to be taking a miss from Costco ($2.93 vs street $3.29) in stride.

In commodity/currency action today, metals are doing well with Copper up 2.3% and Gold up 0.5%. Energy trading is mixed with WTI Crude Oil up 1.0% but Natural Gas down 2.3%.

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Colin Cieszynski, Chief Market Strategist

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

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