Morning Minutes

Stocks and Commodities Rise On Stimulus Anticipation




Investors have returned from Super Bowl weekend in a positive mood with stocks and commodities on the rise this morning. US index futures are up 0.3%-0.4%, while overseas, the FTSE is up 1.6%, the Dax is up 0.4% and the Nikkei rallied 2.1%. Commodities are also on the rise today with WTI crude oil climbing another 1.1%, natural gas up 2.4%, and copper up 0.3%. Precious metals are also on the move upward today led by a 3.3% gain for platinum, while silver is up 0.75% and gold is up 0.5%.

The 10-year US treasury yield is also on the rise today approaching 1.2% suggesting that investors are anticipating improved economic conditions and potentially higher inflation in the years ahead. Over the weekend, US Treasury Secretary Yellen suggested that if the Biden Administration’s new stimulus plan passes, the US could return to full employment next year.

It has otherwise been a relatively quiet day for economic and corporate news, which is common with the first week flurry of economic reports subsiding. Earnings season moving into its later innings in the US and through its peak in Canada. It is also a pre-holiday week with Lunar New Year on Friday, closing many Asia-Pacific markets, followed by holidays in the US and Canada next Monday.

Between all of these factors, it’s a light day for market related news. The most interesting development has been Tesla’s decision to purchase $1.5B in Bitcoin as part of a plan to accept payments for its vehicles in Bitcoin. The cryptocurrency is up 16.7% this morning, while Tesla shares are up 2.4% premarket.

Its a big week for earnings in Canada with results due across a wide spectrum of sectors including insurance, gold miners, marijuana, and forest products. Headliners include Canopy Growth* on Tuesday, Manulife, Sun Life and Great-West on Wednesday, West Fraser Timber*, Agnico-Eagle, and Cineplex on Thursday, wrapping up with Air Canada, CAE, Enbridge and Constellation Software on Friday.

Senior US companies reporting results this week include: Cisco Systems, Twitter and Lyft Tuesday, General Motors*, Uber and Coca-Cola on Wednesday, finishing with Pepsico and Walt Disney on Thursday.

*Shares of West Fraser Timber, Canopy Growth and General Motors are held in some portfolios managed by SIA Wealth Management.

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Colin Cieszynski, Chief Market Strategist

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

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