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: https://attendee.gotowebinar.com/register/1277880312948541455
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.