US index futures are flat this morning as some of the recent volatility surrounding the banking sector continues to subside. Generally speaking, US regional and national banks are up around 0.3% as they build on yesterday’s broad-based gains of 3.0%-5.0% across the sector.

Overseas market action has been positive overnight and early this morning with the Hang Seng rallying 1.1%, the Dax climbing 0.2% and the FTSE gaining 0.1%. The US 10-year treasury yield has climbed back up above 3.50%, while the 1-year yield is back up above 4.50% and the 2-year yield is back up above 4.00%. Currency market action is mixed with the Euro and Pound gaining 0.3%-0.4% against the US Dollar, while the Canadian Dollar and Gold are steady.

Today’s economic calendar features US house price inflation data this morning and the Canadian Federal Budget in the afternoon. On the corporate side, Alibaba is up 9.3% in premarket action after announcing a plan to split itself into six companies in a bid to unlock hidden value. Walgreens is up 1.5% premarket after the drug store chain beat the street on earnings ($1.16 vs street $1.10). lululemon athletica and Micron Technology report results after the close.   

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Colin Cieszynski, Chief Market Strategist

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

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