Morning Minutes

Stocks Climb As Investors Digest Strong Corporate Earnings




Building on yesterday’s US index gains of 0.2% to 0.5%, including an eleventh straight win for the Dow Jones Industrial Average, US index futures are trading flat to up 0.4% this morning as investors digest another round of generally positive earnings reports from across a number of sectors which in aggregate appear indicative of a strong underlying North American economy.

Notable companies reporting overnight and into this morning include industrial conglomerates General Electric* ($0.68 vs street $0.46, up 3.6% premarket), 3M ($2.17 vs street $1.73, up 2.6% premarket), automaker General Motors ($1.91 vs street $1,86),  manufacturer Danaher ($2.05 vs street $2.01, down 5.0% premarket), telco Verizon ($1.21 vs street $1.17), defense contractor Raytheon ($1.29 vs street $1.18), steelmaker Nucor ($5.81 vs street $5.53), and appliance producer Whirlpool ($4.21 vs street $3.76).  

After the close today, results are due from Microsoft*, Alphabet, Visa, Texas Instruments and Snap. Earnings season starts in Canada this afternoon with numbers due from Canadian National Railway and First Quantum Minerals.

The main economic news due this morning is US house prices at 9:00 am EDT. Investors remain focused on tomorrow’s Fed decision where the US central bank is widely expected to announce a 0.25% interest rate increase.

Commodities continue to climb this morning on speculation that China may need to step up stimulus. Copper is up 1.8%, while WTI Crude Oil is consolidating recent gains near $78.75 and Natural Gas is up 1.2%.

*General Electric and Microsoft are held in portfolios managed by SIA Wealth Management

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Colin Cieszynski, Chief Market Strategist

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

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