Morning Minutes

Stocks Pause as Investors Await Friday Employment Numbers

tiff-macklem

Share:

Facebook
Twitter
LinkedIn
Email
Print

The big swings downward and upward that played out over the last week have slowed somewhat today, in what has been a relatively quiet morning for business news so far.

Confession season has remained quiet so far leaving investors to focus on economic data, particularly employment numbers. Tomorrow brings US nonfarm payrolls (street 250K vs previous 315K) and Canada employment change (street +20K vs previous -39K). In addition to the headline numbers, wage inflation for both the US (street 5.1%) and Canada (previous 5.6%) may be of particular interest to investors.

US employment numbers this week have been mixed so far. ADP payrolls beat expectations yesterday, but Challenger job cuts were troubling (29.9K vs previous 20.5K) showing an acceleration in layoffs from last month. Weekly US jobless claims were worse than expected (219K vs street 200K and previous 190K).

A number of North American central bankers are speaking today. Bank of Canada Governor Tiff Macklem speaks at 11:35 am with investors looking for hints on whether the Governing Council is sticking to its hawkish course or considering another slowing of interest rate hikes. Three FOMC members are speaking in the US today as well.

US index futures have been steadily clawing back overnight losses and are currently down about 0.3%. Over in Europe, the Dax is down 0.2% while the FTSE is down 0.7%. Natural gas is up 2.5%, while Crude Oil contracts are flat. In metals action, Gold and copper are both up about 0.3%.

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
ccieszynski@siawm.com
+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.

INTERNET EXPLORER NOTICE