Morning Minutes





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

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Colin Cieszynski, Chief Market Strategist

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

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