September has historically been a choppy month for stocks and considering that North American markets have been generally trending sideways for the last six months, it’s not overly surprising that after sliding most of last week, US indices are trying to bounce back this morning. US index futures are up 0.5%-0.6% this morning. There isn’t any news of note to move the markets other than signs that new Delta Wave COVID cases appear to have peaked in the US based on their 7-day moving average and may be close to peaking in Canada.
Over in Europe today, the Dax is up 1.0% and the FTSE is up 0.75% with Germany’s election campaign moving into its later stages and the UK dropping plans for vaccine passports at crowded venues. Commodity markets are mixed today. Natural Gas is up 2.9% and WTI crude oil is up 0.8%, but copper is down 0.3%.
The takeover battle among railroads Canadian National and Canadian Pacific to create the first 3-country USMCA railway took another turn over the weekend as Kansas City Southern announced that it has flipped back to favoring the lower, original $27B takeover offer from CP over CN’s competing $30B bid after the latter encountered regulatory hurdles in the US.
It’s a pretty light week for scheduled business and economic news. The main events are US and Canada consumer prices Tuesday and Wednesday, US retail sales on Thursday, and Chinese retail sales plus industrial production late Tuesday night. There are no notable earnings reports in North America this week except for Oracle who reports after the close today.
SIA Wealth Market Outlook Webinar Tuesday September 14th, 2:00 pm EDT
Please join us on Tuesday Sept.14@ 12pm MT / 2pm ET for our Market Outlook Webinar with Colin Cieszynski – Chief Market Strategist. He will answer the most asked questions we have received from advisors over the past month.
Register for webinar: https://attendee.gotowebinar.com/register/235126574909929743
After registering, you will receive a confirmation email containing information about joining the webinar. A replay will be available and sent to all registrants after the webinar.
