Morning Minutes

Stocks Pop as Inflation Keeps Easing




US index futures had been quiet through the morning until a few minutes ago when they started to rally on the back of encouraging US inflation numbers. Currently US index futures contracts are up 0.2%-0.5% with NASDAQ Futures leading the charge. European indices are steady today, along with WTI Crude Oil. In metals action, Gold is up 0.3% and Copper is down 0.8%.

The US Consumer Price Index continues to indicate easing inflation pressures and came in slightly better than expected (4.9% vs street and previous 5.0%). Inflation reports from China are due overnight tonight, followed by US Producer Prices and an expected 0.25% interest rate increase from the Bank of England tomorrow morning.

Overnight earnings reports were mixed. AirBnB reported EPS of $0.18, in line with expectations, but is down 14.5% premarket after issuing soft guidance. Other notable overnight reports include Electronic Arts ($1.49 vs street $1.34, up 2.8% premarket) and Kinross Gold* ($0.09 vs street $0.06). After the close today, results are due from Walt Disney, Manulife Financial and Nutrien, followed by Canadian Tire tomorrow morning.

*Shares of Kinross Gold are held in some portfolios managed by SIA Wealth Management.

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Colin Cieszynski, Chief Market Strategist

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

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