Morning Minutes

Stocks Climb as Investors Digest Mixed US Retail Numbers, China Reopening



Stocks and commodities soared overnight as investors warmed to reports that China is preparing to start easing COVID restrictions and reopen parts of its economy in June. The Hang Seng soared 3.2%, while copper climbed 1.8% and WTI crude oil gained 0.6%.

Positive momentum has carried into European trading where the Dax is up 1.6% and the FTSE is up 0.8%. US index futures have also joined the party so far with gains of 1.2% for Dow Futures to 2.0% for NASDAQ futures coming off of a flat (Dow) to down 1.2% (NASDAQ) day for US markets.

The US Dollar is backsliding today, losing 1.0% against the Euro and 1.3% against the Pound. Gold is up 1.0% while Bitcoin is up 2.5%. A number of central bankers are speaking today which could impact trading in currency and bond markets including Fed Chair Powell, FOMC members Bullard and Mester, and ECB President Lagarde.

It’s a big day for retail related news in the US. Retail sales were better than expected but slowed a bit from last month (0.9% vs street 0.7% and previous 1.4%). Meanwhile, the first round of retailer earnings was mixed. Home Depot is up 3.2% premarket after beating the street on earnings ($4.09 vs street $3.68) and raising guidance. On the other hand, Walmart is down 5.5% premarket after posting disappointing results ($1.30 vs street $1.48). US industrial production is due at 9:15 am EDT (street 0.5% vs previous 0.9%).

SIA Wealth Market Outlook Webinar With Jeremy Fehr May 19 at 2:00 pm EDT

Please join us on Thursday, May 19 @ 12pm MT / 2pm ET for our monthly Market Outlook Webinar.

Join SIA Wealth CEO, Jeremy Fehr, as he discusses the ongoing R&D advancements implemented into SIA Wealth’s Mutual Fund and ETF mandates over the past two years, which have helped SIA Wealth successfully manage the current volatile market environment.

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Colin Cieszynski, Chief Market Strategist

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

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