Morning Minutes

Stocks Climb as ECB Boosts Bond Buying

bnn-20210119

Share:

Facebook
Twitter
LinkedIn
Email
Print

Building on yesterday’s all-time record high close for the Dow Industrials, US index futures are pointing toward another higher open today with Dow futures up 0.3% and NASDAQ futures up 1.9%. Over in Europe today, Milan is up 1.1%, Frankfurt is up 0.2% and London is flat. Commodity prices are on the rise again with WTIO crude oil up 1.4%, copper up 2.1% and platinum up 2.0%.

Investors have been responding favorably to comments from the European Central Bank this morning, recognizing that rising treasury yields could hinder an economic recovery, and indicating that it plans to step up asset purchases under its current program in order to keep a lid on interest rates. Investors are now awaiting ECB President Lagarde’s press conference for more color. On this news, the US 10-year treasury note yield has slipped back toward 1.50% and the US Dollar has slipped back about 0.3% against the Euro and the Canadian Dollar, 0.6% against gold and 1.0% against silver.

On the first anniversary of the WHO declaring COVID-19 a pandemic, US President Biden is giving a live prime-time speech at 8:00 pm EST this evening where he is expected to speak about the government’s next phase plans for dealing with the pandemic now that the latest $1.9 trillion fiscal stimulus package has passed Congress and is awaiting Presidential signoff, which could potentially influence sentiment through the end of the week.

In other news this morning, Oracle is down 5.4% in premarket trading despite a positive earnings report (EPS $1.16 vs street $1.11, 33% dividend increase, increased share buyback program). US weekly jobless claims were slightly better than expected (712K vs street 725K).

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
ccieszynski@siawm.com
+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.

INTERNET EXPLORER NOTICE