Morning Minutes

Stocks Pause to Consolidate Gains Ahead Of Earnings Season



Coming off of Friday’s record high closings for the Dow Jones Industrial Average and the S&P 500, US markets have paused their advance with the three main index futures contracts down 0.1%-0.3%. Overseas indices nave also been trading slightly lower overnight with the Dax flat, the FTSE falling 0.3% and the Nikkei plus the Hang Seng down 0.8%.

The US 10-year treasury note yield is holding steady near 1.65% this morning. Bitcoin is trading above $60,000 up 1.0% today, while gold is down 0.2%. Energy commodities are up this morning led by 1.5% gains for WTI and Brent crude oil. Copper is down 0.6%.

There has been a smattering of news overnight. In a 60 Minutes interview that aired last night, Fed Chair Powell indicated that the Fed plans to remain supportive and that he sees interest rate increases as unlikely. Uber announced record gross bookings for March with ride sharing increasing 9% from February and its food delivery business has doubled from a year ago. Interestingly, the company indicated that demand growth for its services is outpacing its ability to supply drivers. Microsoft has agreed to purchase speech recognition software producer Nuance Communications for $16B or $56.00 per share.

Overall, investors still appear to be acting like deer caught in the headlights of the upcoming earnings season which starts Wednesday with results from JPMorgan, Wells Fargo and Goldman Sachs, followed by Citigroup, Bank of America, Delta Airlines, PepsiCo, UnitedHealth and Blackrock on Thursday, then Morgan Stanley and Honeywell on Friday, Confession season continues to be extremely quiet.

There are a few economic reports of note this week including China trade numbers tonight, US inflation tomorrow, and Chinese Q1 GDP plus March retail sales on Thursday night.    

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
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