Morning Minutes

Retail and Technology Earnings Share the Spotlight




With the uncertain situation in Ukraine and the potential impact of high inflation on interest rates still overhanging market sentiment, US index futures are in retreat again this morning falling 0.2% to 0.4%. European markets are mixed today with the FTSE down 0.4% and the Dax up 0.1%. Reflecting elevated uncertainty, gold, a traditional defensive haven, is up 0.9% trading today and trading above $1,880/oz, while silver is up 0.2% and platinum is up 1.6%.

Earnings season for retailers has kicked off positively today with strong results on both sides of the border. Walmart beat the street on earnings ($1.53 vs street $1.50), posted same store sales growth of 5.6% and raised its dividend. Canadian Tire, meanwhile, crushed market EPS expectations ($8.34 vs street $6.70) on same store sales growth of 11%.  

Two positive reports came out from Big Tech overnight as well with Nvidia ($1.32 vs street $1.22) and Cisco Systems ($0.84 vs street $0.81) beating expectations. On the other hand, online travel agency TripAdvisor is down 8.5% in premarket trading after reporting a surprise loss (-$0.01 vs street $0.07) and noting that unique users on its website were 73% of 2019 levels.      

US economic news today has been disappointing with weekly jobless claims (248K vs street 219K) and housing starts (1.638M vs street 1.700M) both coming in below expectations.

SIA Wealth Market Outlook Webinar Thursday, February 17th 2:00 pm EDT

Please join us on Thursday, February 17 @ 12pm MT / 2pm ET for our Market Outlook Webinar with Colin Cieszynski, Chief Market Strategist. We will be answering questions from advisors and media related to the impact of high inflation in North America, sector rotation, and more.

The link to register for the webinar:

After registering, you will receive a confirmation email containing information about joining the webinar.  A replay will be available and sent to all registrants after the webinar.

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Colin Cieszynski, Chief Market Strategist

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

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