Morning Minutes

Stocks Rally With Earnings and Economic News In Focus

construction

Share:

Facebook
Twitter
LinkedIn
Email
Print

Building on yesterday’s gains of 0.9% to 1.1% for US markets including a record-high close for the Dow above 34,000 for the first time, US index futures are up 0.2% to 0.3% this morning. Overseas markets have generally been climbing overnight led by a 1.0% gain for the Dax and advances of 0.5% to 0.6% for the FTSE and the Hang Seng. It’s expiry day for equity and some other monthly options contracts, so we may be seeing some squaring off of positions.

Investors continue to respond positively to a retreat for the US 10-year Treasury Note yield back into the 1.50%-1.60% range and to more positive earnings reports. Continuing a run of strong numbers out of big US banks and brokerages, Morgan Stanley* beat the street on EPS ($2.22 vs street $1.70) and revenues ($15.7B vs street $14.1B) boosted by stronger than expected bond trading, equity trading, and investment baking results. Meanwhile, in economic news both US building permits (1.766M vs street 1.750M) and housing starts (1.739M vs street 1.613M) beat expectations.   

Overnight economic news out of China was mixed and apparently quite distorted by the COVID pandemic. Q1 GDP was up 18.3% over year compared with 6.5% annualized growth in Q4, but this was short of the 18.9% street estimate. Industrial production for March also disappointed (14.1% vs street 17.2%) but retail sales exceeded expectations (34.2% vs street 28.0%).

Precious metals are bouncing back a bit this morning with gold up 0.9% and silver up 1.2%. Cryptocurrencies are backsliding today with Bitcoin falling 3.7% toward $61,000 as Coinbase started to fade, falling 2.0% on its second day of trading.

*Morgan Stanley is held in some portfolios managed by SIA Wealth Management.

New Video: SIA Wealth April Webinar Replay

A replay of yesterday’s SIA Wealth webinar which included an update on True Tacticaltm investing, and market insights from SIA Wealth Founder and CEO Jeremy Fehr is now available.

GoToMeeting Version: https://attendee.gotowebinar.com/recording/947574928274402063

YouTube Version:  https://www.youtube.com/watch?v=qvoQUi4Tlwc

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