SIA Wealth Morning Minutes Banner

STOCKS CLIMB AS EARNINGS SEASON RESUMES

Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on facebook
Facebook
Share on email
Email

US investors have returned from their long weekend in a positive mood. US markets appear poised to shrug off Friday’s losses with index futures up 0.7% to 0.8%. European indices are flat this morning but Asia Pacific markets climbed overnight with the Hang Seng soaring 2.7% and the Nikkei gaining 1.4%.

This morning has been the first chance for investors to respond to weekend reports that following tomorrow’s inauguration, President-elect Joe Biden is planning a number of executive orders and directives. Today investors may hear more about the incoming administration’s fiscal stimulus plans from Treasury Secretary nominee Janet Yellen at her confirmation hearing with the Senate Finance Committee.

Earnings season is back underway in the US this morning. A strong stock market has continued to help investment banking/trading/wealth management operations at big banks propelling Goldman Sachs ($12.08 vs street $7.47) and Bank of America ($0.59 vs street $0.55) to better than expected results. Regional bank Comerica also surprised to the upside driven by a rebound in traditional banking activity ($1.49 vs street $1.19). A rebound in energy prices appears to be helping oilfield activity as driller Halliburton beat the street ($0.18 vs street $0.15). Netflix is scheduled to report results after market close today.

In commodity action, natural gas is getting hammered again, falling another 2.5% as winter temperatures in consuming regions remain above seasonal. Crude oil is climbing with Brent up 1.2% and WTI up 0.4%. Copper is up 1.3%. The US Dollar is in retreat again, perhaps on speculation that more US stimulus could force the Fed to step up asset purchases. The greenback is down 0.2% against Gold, the British Pound and the Canadian Dollar, and down 1.0% against Silver and Platinum.

SIA Wealth In The Media

Chief Market Strategist Colin Cieszynski recently appeared on BNN Bloomberg where he discussed relative strength in North American markets, and the potential impact of the incoming Biden Administration on stocks and markets.

Biden blocking the Keystone XL throws a ‘monkey wrench’ into the energy sector’s recovery: Market strategist

Disclaimer: 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. SIAWM 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.

Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on facebook
Facebook
Share on email
Email

At SIA Wealth Management everything we do is based on Relative Strength Analysis. We evaluate the Relative Strength between asset classes giving us insight into money flows on a large scale, and from this select top ranked investments.

Colin Cieszynski, Chief Market Strategist
Market Commentary:

Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

Keep Reading

INTERNET EXPLORER NOTICE