Morning Minutes

Retail Sales, Inflation, and Positive Bank Earnings In The News




US index futures are down 0.2%-0.4% this morning, a modest pullback following yesterday’s US index rallies of 0.9%-1.2%. Over in Europe, the Dax is down 0.4%, while the FTSE is up nearly 0.4%. The US 10-year treasury yield has crept back up toward 4.75%, while the 10-year German Bund yield is back up near 2.85%. Commodity action finds WTI and Brent Crude Oil up 0.4%-0.5%, while Copper is down 0.8%.

Earnings season has resumed this morning with positive results from a number of big-name headliners including: Goldman Sachs ($5.47 vs street $5.31), Bank of America ($0.90 vs street $0.83), and Johnson & Johnson ($2.66 vs street $2.52). United Airlines reports after the close today, followed by Morgan Stanley and Procter & Gamble tomorrow morning.   

US retail sales beat expectations (0.7% vs street 0.3%). Canadian data was mixed with slowing consumer price growth (3.8% vs street 4.0%) indication inflation pressures continue to ease. On the other hand, Canadian housing starts (240K vs street 253K) softened. US industrial production is due at 9:15 am EDT, followed by the US NAHB Housing Market Index at 10:00 am EDT, and weekly API US oil inventories at 4:30 pm EDT.

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Colin Cieszynski, Chief Market Strategist

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

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