Morning Minutes

Stocks Climb Again as Earnings Season Ramps Up

morning-minutes-featured-image-utilities-650x400 (2)



Building on Friday’s gains, US index futures are up 1.0%-1.2% this morning. Over in Europe this morning, the Dax is up 1.4% and the FTSE is up 1.2%.

Focus is increasingly turning to earnings season, particularly in the US. This morning’s headliners posted mixed results with Goldman Sachs beating expectations ($7.73 vs street $6.58) but Bank of America missing estimates ($0.73 vs street $0.75) on a dropoff in investment banking activity. A number of senior US companies are scheduled to report results this week, headlined by IBM later today, Netflix tomorrow, and then railroads, credit card companies, miners, social media stocks, and others later in the week.   

Crude oil is climbing today, gaining 2.0% but remaining just below $100.00/bbl after President Biden failed to talk Saudi Arabia into increasing production faster. Copper is also bouncing back today with a 2.3% rebound.  

Canada housing starts slowed in June but not by as much as investors had feared (274K vs street 266K and previous 282K).  Later in the week, inflation and retail sales numbers for due for Canada and the UK, plus US housing market numbers, and a European Central Bank Meeting where the ECB is widely expected to finally start raising rates into positive territory for the first time in several years.

Subscribe to the Morning Minutes:

Today's earnings reports and market activity, delivered right to your inbox.

Colin Cieszynski, Chief Market Strategist

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

Read More

Legal and Regulatory Disclosures

Terms and Conditions:
This information is for Investment Advisors only. The website is for informational purposes only and is not intended to provide a complete description of SIA Wealth Management’s products or services. Past performance is not indicative of future results. It should not be construed as investment advice or relied upon in making an investment decision. Products and services of SIA Wealth Management are only offered in jurisdictions where they may be lawfully offered for sale. The information contained in this Website does not constitute an offer or solicitation by anyone to buy or sell any investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot be legally made or to any person to whom it is unlawful to make an offer of solicitation. All products and services are subject to the terms of each and every applicable agreement. It is important to note that not all products, services and information are available in all jurisdictions outside Canada.

SIA Wealth Management Inc. (SIAWM) specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investor’s investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, Advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIA Wealth Management Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.