Morning Minutes

Stocks Bounce Bank Between Central Bank Meetings




Although yesterday’s morning rebound faded into a mixed close for US markets yesterday that saw the Dow lows 0.2% and the NASDAQ gain 0.2%, US index futures are trying to regain their footing again this morning with gains of 0.3%-0.5%.

Stocks have caught more of a tailwind worldwide on a number of encouraging developments. China’s Evergrande announced that it will make an interest on domestic bonds this week, and the People’s Bank of China added 110B Yuan of additional liquidity to try and head off a contagion in the country. Meanwhile in the US, the House of Representatives passed a bill suspending the debt limit in a bid to head off a government shutdown which could happen as soon as September 30th. That bill now moves to the Senate while wrangling over spending continues.

With overnight developments easing some recent investor concerns, crude oil is up 1.5% and copper is up 2.5%. The Dax and FTSE are up 0.6% and 1.2% respectively. Gold and the Japanese Yen are both down 0.3% as capital moves back out of defensive havens.

The Fed’s latest decision, statement and member projections are due at 2:00 EDT today. While no immediate changes are expected, investors will likely be looking for any hints as to whether the Fed may start tapering back asset purchases before the end of this year or not. The GDP and inflation projections may also attract attention from investors concerned about stagflation and also whether inflation is still being seen as transitory or not.

FedEx is down about 6.0% in premarket trading this morning after reporting disappointing earnings ($4.37 vs street $4.91) which management blamed on rising wages and labor shortages. Adobe, meanwhile, beat expectations ($3.11 vs street $3.01).  

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Colin Cieszynski, Chief Market Strategist

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

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