Morning Minutes

Stocks Climb as Oil Bounces Back

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Yesterday’s mixed North American action and oil selloff fed into a mixed Asia Pacific session overnight that saw Tokyo fall 0.9% and Sydney climb 0.9%. This morning, equity markets have regained their footing. In Europe, the FTSE and the Dax are up 0.4% and 0.9% respectively. US index futures are also on the rise today led by NASDAQ futures gaining 0.5%.

Energy stocks are also bouncing back this morning with the crude oil commodity price on the rebound. Both WTI and Brent crude are up 1.8% and trading near $75.00/bbl. Volatility for oil has increased this week with OPEC+ countries still unable to come to an agreement on what to do about restoring supply over the rest of this year and into 2022. Weekly US inventory reports have been delayed by a day this week due to Monday’s holiday so API weekly oil inventories are due at 4:30 pm today (last week was an 8.1 mmbbl drawdown).

Metal prices are strengthening today, led by a 2.1% rally for the economically sensitive copper price. Platinum and silver are both up about 1.3%, while gold is up 0.7%. Cryptocurrencies also are continuing to quietly recover with Bitcoin up 2.75% today trading just below $35,000.   

Its a quiet day for corporate news but seeing as we are in confession season (between the end of the quarter and the start of earnings reporting when companies often issue profit warnings), many investors may see no news as good news.  The only economic report of note today is the Canadian Ivey PMI report due at 10:00 am EDT (previous 64.7). Fed minutes are out at 2:00 pm EDT today but so much was said at that time it’s unlikely we will find anything new in them.

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Colin Cieszynski, Chief Market Strategist

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

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