Morning Minutes

Stocks Consolidate Recent Gains as US Thanksgiving Week Begins




US Thanksgiving week is off to a quiet start so far. US Index Futures are flat to down 0.1%, while in Europe, the DAX and FTSE are both down about 0.35%. Treasury yields are stable with the US 10-year Treasury Note yield sitting just below 4.50% and the German 10-year Bund yield sitting just above 2.60%.

As is often the case, Monday has been very quiet for business news, giving investors a chance to digest the big market bounce of the last two weeks and last week’s US inflation and retail sales/retailer earnings news.

Energy and metals trading has been very mixed so far today. US Crude Oil is up 1.8% while Natural Gas is down 2.5%. Copper is up 0.6% while Gold is down 0.5% and Silver is down 1.5%. This action is indicative of an indecisive market looking for direction, a situation which could persist through much of this week.

In terms of economic news this week, the main event is likely to be anecdotal reports of mall traffic on Thanksgiving Thursday and Black Friday, the busiest shopping day of the year in the US. Canada consumer prices and minutes from the last Fed meeting are out on Tuesday, followed by US Durable Goods Orders on Wednesday and Flash PMI reports from around the world on Friday.

The bulk of this week’s earnings reports come out on Tuesday with headliners including Nvidia*, Lowes, Best Buy, Dell, HP, and a bunch of middle tier specialty retailers.   

*Shares of Nvidia 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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