Morning Minutes

Stocks Hold Steady as US Autoworkers Hit the Picket Lines




A choppy week for stock markets appears to be heading for a quiet finish. Consolidating yesterday’s US index gains of 0.8% to 1.0%, US index futures are mixed, trading down 0.2% to up 0.2% with the Dow outperforming the NASDAQ. European trading finds the Dax up 1.0% and the FTSE up 0.75%.

Commodity and currency trading is mixed this morning, suggesting indecisiveness among investors about where to go from here. Crude oil is up 0.3%, but Natural Gas is down 0.2%. Platinum is up 1.6% but Copper is down 0.3%. Gold is up 0.3%, but Bitcoin is down 1.0%.

Continuing a week of generally positive economic news, the US Empire Manufacturing Survey beat expectations and climbed back up above the zero line (1.0 vs street -10 and previous -19). Canadian manufacturing sales (1.6% vs street 0.7%) also beat expectations. US Industrial Production is due at 9:15 am EDT (street 0.1% vs previous 1.0%).

US automakers are down slightly with the UAW going out on strike today. Rising wages already have started to have an impact on the airline sector as shown by this week’s profit warnings and it remains to be seen how increased demands for wage increases to catch up to inflation may impact other industries or central bank thinking.

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Colin Cieszynski, Chief Market Strategist

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

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