Morning Minutes

Stocks Climb As Investors Await Inflation Data and Earnings Reports




Building on a constructive Tuesday, where US indices shrugged off early softness and gained in strength through the day to finish up 0.5% to 1.0%, US index futures are all up about 0.2%, continuing their New Year’s Rally.  Overseas markets have also been climbing with the Dax and Nikkei both gaining about 1.0% and the FTSE rising 0.7%. Commodities are also in the green today with Copper and WTI Crude Oil both up about 0.9% and Natural Gas up 2.1%.

Currencies are relatively quiet today with Gold up 0.3%. Traders appear to be waiting on upcoming inflation numbers including Chinese inflation data due overnight tonight and US consumer prices due tomorrow morning (street 6.5% vs previous 7.1%).

Investors appear to be taking a “no news is good news” approach to trading today, particularly since Confession Season remains quiet, building optimism about the upcoming Earnings Season which starts on Friday. Yesterday’ equities responded favorably to Fed Chair Powell reinforcing the Fed’s political independence and confirming its commitment to its dual mandate (particularly inflation control).

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Colin Cieszynski, Chief Market Strategist

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

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