Morning Minutes

Stocks and Commodities Slip Amid COVID Setbacks



Amid reports of a new lockdown in Germany and questions about the age of data from the AstraZeneca clinical trial results announced yesterday, stocks have shifted back into reverse this morning. NASDAQ futures are flat, consolidating yesterday’s 1.2% gain, while Dow futures are down 0.4%. Asia Pacific markets fell overnight with the Hang Seng down 1.3% and the Nikkei down 0.6%, while losses in Europe have been more moderate with the Dax down 0.1% and the FTSE down 0.2%.

Commodities are also taking it on the chin this morning with WTI crude oil down 4.0% and falling back under $60.00/bbl, while natural gas is down 1.0% and copper is down 1.3%. In addition to concerns that the road to recovery from the COVID crisis may be bumpier than previously thought, a rising US dollar has also put a headwind in front of resource prices.

The greenback is up 0.4% this morning against the Canadian Dollar, the Euro, and the British Pound this morning. Gold is steady, while Bitcoin is down 1.5% back toward $55,000. The US 10-year treasury yield has dipped back under 1.65%. Fed Chair Powell, and his predecessor US Treasury Secretary Yellen are scheduled to testify to Congress this morning on COVID and the economy, and also potentially about a $3.0 trillion infrastructure package that the Biden Administration has reportedly been starting to work on now that the recent fiscal stimulus package has been completed.

It’s a lighter day for corporate and economic numbers. After the close tonight, GameStop reports results which could catch the attention of the business press and meme traders. Tomorrow morning brings flash PMI numbers for the US and several European countries, a first peek at economic conditions in March.

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Colin Cieszynski, Chief Market Strategist

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

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