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STOCKS HOLD STEADY ON MIXED US RETAILER NEWS

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Stock markets around the world have been quiet overnight as investors await a number of developments scheduled for later in the week including China trade data tonight, FOMC Chair Powell and President-Elect Biden speaking Thursday and the kickoff to earnings season plus retail sales numbers for the US and China on Friday. This afternoon, the Fed releases its Beige Book regional economic report and two FOMC members are set to speak, Brainard and Clarida, of which the former could be particularly significant considering her long-established ties to the incoming administration.

US index futures are down 0.2%-0.4% this morning, essentially giving back yesterday’s US index gains of 0.0%-0.4%. Major European indices are flat to down 0.3% today after taking a handoff from essentially flat Asia Pacific trading.

While investors await the start of earnings season, holiday season sales from retailers have attracted some attention. This morning’s numbers highlight the growing divide between discretionary versus staples/online purchases. Target announced that its same store holiday season sales were up 17.2% over year, including large increases in curbside pickup and delivery sales. On the other hand, apparel and lifestyle retailer Urban Outfitters is down 9.3% in premarket trading after announcing that its holiday season sales were down over 9% from a year ago.

WTI crude oil is up 0.4% this morning after weekly API US oil inventories fell by 5.8 mmbbls last week, more than the previous week’s 1.6 mmbbl drawdown. US DOE oil inventories are due at 10:30 am EST, with the street expecting a 2.2 mmbbl drawdown, less than the 8.0 mmbbl decline of the previous week. Natural gas, meanwhile, is up 2.0% as temperatures fall in consuming regions. Metals are mixed today with Gold up 0.5%, Copper up 0.3% but Silver sliding 0.4%.

Disclaimer: 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. SIAWM 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.

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At SIA Wealth Management everything we do is based on Relative Strength Analysis. We evaluate the Relative Strength between asset classes giving us insight into money flows on a large scale, and from this select top ranked investments.

Colin Cieszynski, Chief Market Strategist
Market Commentary:

Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

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