Morning Minutes

Stocks Pause To Consolidate Recent Gains




US index futures are trading flat to up 0.2% this morning as investors digest the market rally of the last week which has seen the NASDAQ gain 6.1%, the S&P 500 gain 4.4% and the S&P/TSX Composite rally 3.7%. European indices are rising this morning with the FTSE up 0.2% and the DAX up 0.4%.

US Crude Oil is down another 1.4% this morning trading near $76.25, its lowest level since July. Last night, API reported an 11.9 mmbbl jump in its weekly US oil inventory report. DOE weekly oil inventories (previous +0.7 mmbbls) are due at 10:30 am EST this morning. In other commodity action Copper is down 0.2% and Natural Gas is down 1.6%.

It’s a relatively quiet day for economic news. Fed Chair Powell is speaking at 9:15 am EST.

Overnight earnings have been mixed out of the US. Uber Technologies ($0.10 vs street $0.07) beat expectations while Warner Bros Discovery disappointed (-$0.17 vs street -$0.11). Walt Disney reports after the close today. In Canada, TC Energy beat the street ($1.00 vs street $0.97). Suncor Energy, Manulife Financial, and Great West Lifeco report after the close today.

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Colin Cieszynski, Chief Market Strategist

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

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