Morning Minutes

Steady Markets Digest Positive PMI and Await Quarter-End

morning-minutes-featured-image-groceries-650x400

Share:

Facebook
Twitter
LinkedIn
Email
Print

Today is the last trading day of the week, the month, the quarter, and for many companies in the investment industry, the fiscal year and so far, it seems as though investors have hit the pause button and are looking ahead to next week’s PMI and employment numbers.

US index futures are quiet this morning between a 0.2% gain for Dow Futures and a 0.1% dip for NASDAQ futures, following gains of 0.4% to 0.8% yesterday for US indices. Overseas, the Hang Seng rose 0.5%, the Nikkei jumped 1.0%, the Dax is up 0.4% and the FTSE is up 0.2%. The US 10-year treasury note yield is flat near 3.55%. WTI and Brent Crude are up 0.7% and 0.2% respectively, sitting just below $75.00/bbl and $80.00 respectively. Gold is flat sitting just below $2,000/oz.

US Core PCE inflation, the Fed’s preferred measure, came in slightly better than expected, continues to steadily trend back downward, and is below the Fed Funds rate (4.6% vs street and previous 4.7%), suggesting that pressure on the Fed to continue raising interest rates may potentially ease further.

US Chicago PMI (street 43.4 vs previous 43.6), a potential preview of Monday’s national and international Manufacturing PMI reports, is due at 9:45 am EDT. China reported positive Manufacturing PMI (51.9 vs street 51.5) and Non-Manufacturing PMI (58.2 vs previous 56.3).

Corporate news has been mixed. Blackberry beat expectations on earnings (-$0.03 vs street -$0.11) but missed on sales ($204M vs street $210M). Big US banks are bouncing back again with premarket gains of around 0.4% on average. On the negative side, troubled Virgin Orbit pretty much shut down all operations, while Bed Bath and Beyond continues to warn it may need to file for bankruptcy soon.  

Subscribe to the Morning Minutes:

Today's earnings reports and market activity, delivered right to your inbox.

Colin Cieszynski, Chief Market Strategist

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

Read More

Legal and Regulatory Disclosures

Terms and Conditions:
This information is for Investment Advisors only. The website is for informational purposes only and is not intended to provide a complete description of SIA Wealth Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Products and services of SIA Wealth Management are only offered in jurisdictions where they may be lawfully offered for sale. The information contained in this Website does not constitute an offer or solicitation by anyone to buy or sell any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada.

SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, Advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIA Wealth Management Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

INTERNET EXPLORER NOTICE