The wave of selling pressure which rocked world markets this week appears to be subsiding heading toward the weekend. US index futures are up 0.5%-0.7%, while in Europe, the Dax is up 0.8% and the FTSE is up 0.5%. Crude Oil is also bouncing back with a 2.75% gain, while Gold is down 0.6%.

While some of today’s rebound may be related to capital flows in response to the US banking crisis and this week’s Fed news having run its natural course, there also has been positive news to digest, including employment news and another round of overnight earnings reports.

Like ADP Payrolls earlier in the week, US Nonfarm Payrolls (253K vs street 179K and previous 165K), and Canada employment (41K vs street 20K vs previous 34K) looking to repeat yesterday’s strong ADP payroll surprise). Wage inflation reports for the US (4.4% vs street 4.2%) and Canada (5.2% unchanged) remained sticky.

Apple ($1.52 vs street $1.43, up 2.4% premarket) beat street expectations on earnings overnight as did Booking Holdings* ($11.60 vs street $10.57), DoorDash (-$0.41 vs street -$0.58, up 4.5% premarket), and Coinbase (-$0.34 vs street -$1.45, up 8.,7% premarket). On the other hand Warner Bros Discovery posted a worse than expected loss (-$0.18 vs street -$0.12, down 4.3% premarket).  In Canada, Magna International ($1.51 vs street $1.18, up 8.5% premarket), and Open Text ($0.99 vs street $0.62) beat street estimates.

*Shares of Booking Holdings 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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