Morning Minutes

Stocks Climb on Positive Earnings and Retail Sales Reports



Positive momentum for North American stocks continues to grow as investors continue to respond positively to the start of earnings season. Building on yesterday’s gains of 1.50% to 1.75% for the three main US indices, US index futures are up 0.3% to 0.5% so far today. Overnight overseas action has also been strong with the Nikkei climbing 1.8%, and the Hang Seng gaining 1.5% while the Dax and FTSE are both up about 0.4%.

Commodities action is mixed this morning. In metals, copper is up another 2.0%, but gold is down 1.25%. In energy trading, WTI crude oil is up 1.0% but natural gas is down 2.1%.  

Today’s US economic news has been mixed. US retail sales (+0.7% vs street -0.2%, previous revised up to 0.9% from 0.7%) crushed expectations. On the other hand, the Empire State Manufacturing Survey (19.8 vs street 27.0 and previous 34.3) missed badly. US consumer sentiment is due at 10:00 am EDT (street 73.1).  

A strong start to earnings season continues today. Goldman Sachs is up 1.5% in premarket trading today after the company beat street expectations for its earnings per share ($14.93 vs street $10.11 and previous quarter $15.02). Management noted an acceleration of growth in wealth management and its financial advisory businesses. Rising metal prices helped Alcoa beat expectations ($2.05 vs street $1.80), sending its shares up 6.5% in premarket trading.  

SIA Wealth Special Event Webinar Tuesday October 19th, 2:00 pm EDT

Please join us on Tuesday Oct.19@ 12pm MT / 2pm ET for our special Market Outlook Webinar with Ted Bader – President.  He will deliver our latest presentation titled: “Uncharted Waters: Signs of a coming storm”.

Register for webinar:

After registering, you will receive a confirmation email containing information about joining the webinar.  A replay will be available and sent to all registrants after the webinar with the presentation included.

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
+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.