Morning Minutes

Steady Holiday Trading Continues




It’s another quiet and slightly positive day for stock markets around the world with many market participants still away this week. US index futures are showing flat to a gain of 0.25% for NASDAQ futures coming off a mixed day that saw the Dow and S&P 500 creep up to new all-time highs with gains of 0.25% and 0.10% respectively while the NASDAQ declined 0.1%. In Europe today, the Dax is up 0.1% and the FTSE is flat.

Combining the NASDAQ dip with continuing declines for cryptocurrencies, it appears many investors are still reluctant to take on risk at this point. That being said, gold slipping back closer to $1,800/oz suggests that most investors aren’t fearful either. Commodity action is mixed today with WTI crude oil down 0.5% and copper up 0.2%.

It’s the last day of notable economic news for the year. US weekly jobless claims were better than expected (198K vs street 208K). US Chicago PMI, a preview of the national numbers due next week, is due at 9:45 am EDT (street 62.0 vs previous 61.8). Weekly natural gas storage is due at 10:30 am EDT (street -125 BCF vs previous -55 BCF) Tonight China reports Manufacturing PMI (street 50.1 unchanged) and Non-Manufacturing PMI (street 53.1 vs previous 52.3).

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Colin Cieszynski, Chief Market Strategist

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

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