Morning Minutes

Steady Markets Await a Day For Big Speeches

Business team working together. Businessman using tablet for analyzing data stock market in monitoring room with team pointing on the data presented in the chart on screen, forex trading graph, stock exchange trading online, financial investment concept. All on laptop screen are design up.
Business team working together. Businessman using tablet for analyzing data stock market in monitoring room with team pointing on the data presented in the chart on screen, forex trading graph, stock exchange trading online, financial investment concept. All on laptop screen are design up.

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After US indices finished flat to down 1.0% yesterday, US indices have stabilized this morning trading between a decline of 0.1% for Dow Futures and a gain of 0.3% for NASDAQ futures. Market action is mixed in Europe as well today with the Dax down 0.1% and the FTSE up 0.5%. WTI crude oil is up 1.3% while Natural Gas is up 0.8%.

The main business-related event overnight was the Reserve Bank of Australia raising its benchmark rate by another 0.25% and indicating that it plans to continue raising interest rates. Central banks remain in focus with officials from the Bank of England and the European Central bank speaking in the morning before turning the floor over to North American central bankers at lunchtime.

Fed Chair Powell speaks at 12:40 pm EDT this afternoon with investors looking for whether he confirms or tries to walk back the less hawkish tone that came out of last week’s press conference. Meanwhile, Bank of Canada Governor speaks at 12:30 pm EST, with investors looking for more color on the Governing Council’s recent decision to pause its rate hike program. Tonight at 9:00 pm US President Biden is giving his annual State of the Union address to Congress and the nation.

Cineplex (+$0.16 vs street -$0.16) and DuPont ($0.89 vs street $0.78), have beaten expectations on earnings today. Chegg is down 22.4% in premarket action after the online learning company issued disappointing guidance. Chipotle Mexican Grill, Prudential Financial and Intact Financial headline reports scheduled for after the close this afternoon.   

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

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